Political analysts in Switzerland say it is most unlikely that the governement would call an extraodinary session to decide upon such a Letter of Comfort for Swiss until the new governement be elected on Dec. 10th.
The far-right party SVP/UDC won the latest parliamentary election and has been a strong critic of any subsidy to Swiss. Other parties would fear supporting a Letter of Comfort that would fuel the SVP/UDC line which targets at Swiss tax payers who were not asked to pour more than a billion Swiss francs in the new airline less than two years ago.
A Letter of Comfort would only be accepted by the banks if it is financially binding. That is why the parliament has to vote on the issue.
A very conservative estimate of Swiss cash-drain put it now at a million Swiss francs per day, compared to 3,8 p.d. last Spring.
It means that Swiss has burned more than the half of its capital (even after the share nominal value has been reduced to SFr. 32.-).
According to the law, in such an event Swiss should inform a judge, call for an extraodinary meeting of its shareholders and propose them restructuring measures.
But has you may know, and this to comfort the optimistic rumor you heard, there is a long way from the law books to their execution as well as a huge divide between what politicians say before and after an election...
