Credit Suisse rescue will cost each Swiss 12,500 euros

Resgate ao Credit Suisse vai custar 12.500 euros a cada suíço

The 8.7 million inhabitants of Switzerland will each have to pay 12,500 Swiss francs (12,500 euros) to rescue Credit Suisse. Each Swiss will have to pay this significant sum to compensate for the investment to be made by the Swiss government, reveals "El Economista", quoted by the newspaper Económico.

The minimum wage in Switzerland is 3,700 euros a month, which means that each Swiss needs just over three minimum wages to help pay for the bailout.

By way of comparison, the Portuguese government channeled a total of 3.2 billion euros into TAP between 2020 and 2022. With just over ten million inhabitants, each Portuguese person injected 400 euros, or, in simpler terms, each working Portuguese person injected 800 euros (more than the national minimum wage).

Even though UBS paid three billion euros to save its direct competitor, the Swiss government had to provide 109 billion Swiss francs, a huge sum for any executive. On top of this, there is the Swiss National Bank's guarantee of 100 billion francs, which is not backed by the government.

The 209 billion is just over 25% of Switzerland's GDP and exceeds total European defense spending in 2021. This is Switzerland's largest bailout, more than tripling the 60 billion franc bailout of UBS in 2008, during the financial crisis that devastated the world markets.

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