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But the Swiss banking shares recovered slightly and UBS shares posted a modest gain by mid-morning.  The move marks a turnaround from earlier assurances that the Swiss banking system is safe and doesn’t need government support of the kind seen elsewhere.  Both UBS and rival Credit Suisse have been hit by the sudden drought on the [...]

Billions? The government injection of funds into UBS could represent a 9 percent stake in the bank, whose $44 billion write-downs related to toxic assets have been Europe’s worst.  UBS said it had also reached an agreement with the Swiss central bank to transfer up to 60 billion dollars of non-liquid assets into a separate fund.  [...]