Bailout Arrives: Credit Suisse To Borrow $54BN From SNB To “Pre-emptively Strengthen Liquidity”

Summary:  Saudis fold – refuse to throw any more money at Credit Suisse Credit Suisse stock hits record low Credit Suisse 1Y CDS explodes as counterparty risk hedging soars Credit Suisse execs urged a “show of confidence” from the Swiss National Bank ECB quantifying exposures to Credit Suisse US Treasury monitoring situation, talking with other regulators Fed working with UST to quantify exposures One major govt is pressuring Swiss to intervene Systemic risk threat spreads