Swiss step in to save biggest bank

The Swiss National Bank on Thursday agreed to buy up to $54 billion in troubled assets from UBS, after the country's government moved to re-capitalise the beleaguered bank.

The central bank said the move was based on its mandate to "contribute to the stability of the financial system." The assets of UBS dwarf Swiss GDP.

Jean-Pierre Roth, the chairman of the central bank's governing board, said: "This operation is unprecedented with regard to the reasons for it. In carrying

it out, we are making a

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