Political turmoil was one consequence of the 2008 global bank panic as voters in many countries rebelled in various ways against politicians they thought had failed to avert a crisis and then spent vast sums of taxpayer money cleaning up the damage. Recent events in Switzerland suggest the latest bailouts won’t be more popular.
The lower house of the Swiss Parliament this week rebuffed Bern’s forced merger last month of UBS and failed rival Credit Suisse. That deal included 109 billion Swiss francs ($120 billion) in liquidity and credit guarantees from Swiss taxpayers.
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