UBS: true to form

The Swiss have managed the financial crisis with a certain delicate precision. The latest sign is the government’s quick exit of UBS, a decision that puts the country’s largest bank back on its own feet, without further state hand-holding. That’s no small accomplishment. Last October, Swiss officials decided to inject SFr6bn into then-ailing UBS as part of a broader rescue package. The recapitalisation, executed in December, gave the government a potential 9.3% stake in the bank through mandato...