How could this have happened?
After the financial crisis 15 years ago Switzerland introduced strict so-called "too big to fail" laws for its biggest banks. Never again, went the thinking, should the Swiss taxpayer have to bail out a Swiss bank, as happened with UBS.
But Credit Suisse is a "too big to fail" bank. In theory, it had the capital to prevent this week's catastrophe.
Also in theory Swiss financial regulators and the Swiss National Bank keep an eye on those systemically important banks and can intervene before disaster strikes.
It was odd, last week, to see the rest of the world reacting with real concern as Credit Suisse shares tumbled, and to hear, at first, nothing from Switzerland