March 16, 2023 15:33 GMT
SVP Opposes CS Guarantee, But Consensus-Led Fed Coun Makes Decision
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Wires reporting that the right-wing populist Swiss People's Party (SVP) has stated that it opposes the state guarantee for Credit Suisse. While the SVP is the largest party in the Federal Assembly, the consensus-based nature of Swiss policy-making means that it does not have the ability to veto decisions from the joint head of gov't, the seven-member Federal Council.
- The SVP holds two out of the seven seats, meaning the three other parties represented (Social Democrats x2, The Liberals x2, The Centre x 1) have the ability to outweigh the decisions of the SVP council members.