Western banking system in turmoil as Credit Suisse salvaged by govt deal

Shares in European banks have plummeted as Credit Suisse was bought by its domestic rival, UBS, in a government-backed rescue deal. Shares of UBS, in particular, dropped 16 percent following the purchase, which is the bank’s biggest one-day fall of market value since the 2008 financial crisis. The move was designed to protect the Swiss economy by reinforcing financial stability. We discussed this issue with RT contributor Chris Emms.