<p>Switzerland's finance minister defended the shotgun merger between the country's two largest banks in an interview with Swiss newspaper <em>Neue Zuercher Zeitung</em> on Saturday, saying the use of emergency law was necessary to stabilise the situation.</p>.<p>"Credit Suisse would not have survived Monday," Karin Keller-Sutter said, explaining the need to find a swift solution for Credit Suisse's woes.</p>.<p>"Without a solution, payment transactions with CS in Switzerland would have been significantly disrupted, possibly even collapsed, and wages and bills could no longer have been paid," she said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/ubs-credit-suisse-tie-up-may-not-lead-to-swiss-bliss-1202895.html" target="_blank">UBS, Credit Suisse tie-up may not lead to Swiss bliss</a></strong></p>.<p>Last Sunday it was announced that UBS had agreed to buy its rival Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses in a merger engineered by Swiss authorities to prevent more market turmoil in global banking.</p>.<p>Emergency law was used to enable the banks to reach a speedy agreement. Shareholders, for example, who would normally get a say in such a takeover were largely bypassed, which has angered some of them.</p>.<p>Keller-Sutter said the Swiss government's executive Federal Council "only went as far as was absolutely necessary to achieve the goal of stabilisation".</p>.<p>"If we had done nothing, CS shares would have been worthless on Monday and the shareholders would have gone home empty-handed," she said.</p>
<p>Switzerland's finance minister defended the shotgun merger between the country's two largest banks in an interview with Swiss newspaper <em>Neue Zuercher Zeitung</em> on Saturday, saying the use of emergency law was necessary to stabilise the situation.</p>.<p>"Credit Suisse would not have survived Monday," Karin Keller-Sutter said, explaining the need to find a swift solution for Credit Suisse's woes.</p>.<p>"Without a solution, payment transactions with CS in Switzerland would have been significantly disrupted, possibly even collapsed, and wages and bills could no longer have been paid," she said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/ubs-credit-suisse-tie-up-may-not-lead-to-swiss-bliss-1202895.html" target="_blank">UBS, Credit Suisse tie-up may not lead to Swiss bliss</a></strong></p>.<p>Last Sunday it was announced that UBS had agreed to buy its rival Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses in a merger engineered by Swiss authorities to prevent more market turmoil in global banking.</p>.<p>Emergency law was used to enable the banks to reach a speedy agreement. Shareholders, for example, who would normally get a say in such a takeover were largely bypassed, which has angered some of them.</p>.<p>Keller-Sutter said the Swiss government's executive Federal Council "only went as far as was absolutely necessary to achieve the goal of stabilisation".</p>.<p>"If we had done nothing, CS shares would have been worthless on Monday and the shareholders would have gone home empty-handed," she said.</p>