Credit Suisse shares rose again after the announcement of the million-dollar bailout

The gestures of Swiss credit started trading this Friday in Zurich on the rise, with a 2.8% increasebut within minutes they fell 1.2% from the previous day, after Thursday’s recovery day, in which increased by 19% which partly compensates for the 24% drop suffered on Wednesday.

Investors are keeping their eyes on the price of Switzerland’s second largest bank, one of the 20 largest in Europe, after its main shareholder, the Saudi National Bankannounced that it would no longer invest in it (which influenced the stock market crash two days ago) and the Swiss National Bank subsequently helped it, helping the recovery on Thursday.

He Swiss National Bank pledged in the early hours of Thursday to lend 50.6 billion euros to Credit Suisse, which appears to have partially restored the investor confidence.

The Swiss government held a meeting with central bank authorities and the country’s securities regulatory commission (Finma) to discuss the bank’s predicament, although it made no public statements to this subject.

The country’s center and right-wing parties are optimistic about the bank’s situationalleging she is experiencing “a crisis of confidence rather than solvency”, as the left demanded “full transparencyon the aid-to-the-bank operation, and that those responsible are held accountable.

Swiss press analysts point out that despite the bank’s difficult situation, you won’t need a state bailout, like the one that had to be made in 2008 with its main Swiss rival, UBSdue to its exposure to the housing crisis in the United States.

Following financial difficulties, the Swiss government set up a system which would oblige it to help entities “too big to fail” (“too big to fall” in stock market jargon).

For his part, the head of the French central bank, Francois Villeroy de Galhau, assured that “French and European banks are extremely solidone day after the European Central Bank (ECB) to raise interest rates again in a context of turbulence in the banking system.

“European banks are not in the same situation as certain American banks for a very simple reason, which is that they are not subject to the same rules.“, declared Villeroy de Galhau to the chain BFM Enterprise, in reference to the recent bankruptcies of regional banks in Washington which have shaken the markets.

(With information from EFE)

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