Credit Suisse rescue package rejected by Swiss parliament

Switzerland’s parliament rejected on Wednesday the government’s 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse’s (CSGN.S) merger with UBS (UBSG.S), leaving the fallen bank’s hastily arranged rescue without a largely symbolic parliamentary blessing.

While the upper house had approved the government’s contribution to the rescue package, parliament’s lower, and larger chamber, pushed back again on Wednesday.

It had already rejected the proposals in a late night session on Tuesday, forcing the upper house to find a solution when it met again on Wednesday.

Seeking a compromise, the upper house passed changes to the measure on Wednesday morning, but it was not enough to sway the lower house lawmakers.

They turned it down by 103 votes to 71 in favour, a similar level of opposition to the night before.

Speaking just before the lower house vote, Cedric Wermuth, the co-president of the Social Democrats said the party just could not support the funding.

This report’s information was first seen on REUTERS; to read more, click this link.