At an extraordinary session of parliament called to debate the implosion of the bank and its takeover by larger rival UBS, Swiss President Alain Berset defended orchestrating the merger, saying a bankruptcy would have triggered a financial catastrophe and shredded the country's reputation. "The creation of a new supersized UBS "has done exactly what we didn't want: created an even bigger bank, which if it got into trouble would probably be too much for the existing too-big-to-fail rules to handle as well, based on the experiences we have just had". Celine Vara of the Greens told AFP: "The disastrous management of the bank sparked the loss of confidence of the markets and the public