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The too-big-to-fail Credit Suisse ended up being carried away by a storm of scandals that precipitated its fall in March 2023. To avoid a new global economic crisis, the collapse of the Swiss economy, and the sinking of this important bank’s reputation, the finance giant was forced to be taken over by UBS. It all happened very quickly and under the seal of secrecy. The incident serves as a general example for governments that increasingly must support these financial giants.
How significant were the shockwaves on the global finance market? What are the implications for banks that are too-big-to-fail? Are they becoming too-big-to-save?