In a deal chucked together at warp speed, Credit Suisse has agreed to an emergency takeover by its bigger rival UBS. The Swiss Government has arranged for UBS to pay 3 billion Swiss francs ($4.8 billion) for the under pressure Credit Suisse – well under the bank’s market value of almost $12 billion. But after days of panic in the market about the stability of financial institutions with issues following the collapse of California’s Silicon Valley Bank, the government says it acted to to stave off immediate concerns of a global financial crisis. Also acting are the world’s big central banks – they’ve agreed to maintaining the movement of credit through the global financial system. One expert said it was about ‘liquidity flows’ – a term we would have previously guessed was in relation to personal bathroom issues… Next stop on the Jangled Nerves Express: the US Federal Reserve has an announcement on interest rates mid this week.