Switzerland's upper house of parliament voted on Tuesday to retrospectively approve 109 billion Swiss francs ($120.5 billion) in financial guarantees used to rescue Credit Suisse after a heated debate.
A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023.
The votes are, however, largely symbolic as the state has committed the funds and lawmakers cannot overturn that decision. "The use of emergency law has reached a level in the last three years that is beginning to annoy me," said Hansjoerg Knecht, a member of Parliament's upper house.
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