India's First International News Journal

12.7 C
Los Angeles
Monday, March 20, 2023

Entitled “A bullet in the leg”. Bank failures have spread to Europe

Shares of Swiss financial giant Credit Suisse fell 30% in one day, which was a signal to Europeans that nightmares are coming true.

The bankruptcy of the American bank Silicon Valley Bank (and then of two others) caused panic in the EU. There were fears in the European Union that the wave of crisis and the United States would spread there, which eventually happened, writes Yeni Şafak.

Shares of Swiss financial giant Credit Suisse fell 30% in one day, which was a signal to Europeans that nightmares are coming true.

Shares of Swiss Credit Suisse, a 167-year-old financial giant, fell 30% in one day and 76% last year. The Swiss National Bank is trying to save the giant with a $50 billion loan.

EU Finance Commissioner Mairead McGuinness has acknowledged that high interest rates and inflation caused the financial crisis. The possible collapse of Credit Suisse could lead to the fact that the crisis that originated in the United States will become global.

Western countries, in order to avoid a new financial crisis in 2008, are trying to save banks and strengthen their financial structure with the help of state aid. The European Commission has already followed up with a statement that looks like an acknowledgment that high interest rates against a backdrop of inflation have caused a financial crisis, which risks spreading to most Western countries.

The post Heading “A bullet in the leg”. Bank failures spread to Europe for the first time on trending articles.


For latest updates and news follow The Eastern Herald on Google News, Instagram, Facebook, and also on Twitter.
Click here to show your support.
Russia Desk
Russia Desk
The Eastern Herald’s European Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

Public Reaction

FOLLOW US

SIGN UP FOR OUR NEWSLETTER

Read More

Recent