the largest bank in Switzerland, UBSis under pressure from the authorities to finalize the acquisition of its competitor today, Credit Suissehoping to avoid a collapse and spread of panic in the markets tomorrow, on Monday.

Members of the Swiss government met this morning at the Ministry of Finance in Bern, 20 Minutes reports, to discuss this issue of great importance for the Swiss economy.

President of the Swiss Confederation Alain Berchet, as well as members of the Federal Council, arrived at the Ministry of Finance at 08:30 (Greek time). Seven members of the government already met yesterday, on Saturday.

The deal to buy Credit Suisse from UBS is due to close today during an emergency meeting in the government capital with the heads of the two giant banking institutions, Blick reported yesterday.

This approach is a complex undertaking that usually takes months. UBS only had a few days.

But the Swiss authorities have no choice but to push UBS to overcome its doubts due to the huge pressure from the main economic and financial partners of Switzerland, who are expressing fears for their own financial markets, Bleek said.

For its part, the Bank of England has informed its international partners and Switzerland’s largest bank UBS that it will support the proposed acquisition of Credit Suisse, according to UK network Sky News.

UBS Seeks $6 Billion Guarantees

UBS Group AG is seeking government guarantees worth about $6 billion for a potential takeover of Credit Suisse Group AG, a source familiar with the talks told Reuters.

Negotiations are ongoing and this amount may change as several scenarios are still being considered, the same source said.

The guarantees will cover the costs of liquidating parts of Credit Suisse and possible legal fees, two sources at the agency said.

Negotiations to resolve the crisis of confidence Credit Suisse faced serious obstacles. A merger between the two banks could result in 10,000 job losses, one source said.

^{According to REUTERS}