Swiss Government Will Bail Out Credit Suisse if Necessary To Stabilize Systemic Risk: Report
March 17, 2023 7269 by adminThe Swiss government is working with Credit Suisse to explore ways to stabilize the bank and to reassure the community that systemic risks to the financial system will be resisted.
According to CNBC, the desperate bank boss is on the verge of collapse after the largest shareholder turned down the investment and is now receiving government support from Volkswagen.
->Credit Suisse and local leaders are working on several types of disaster prevention measures, including the introduction of liquidity from the Swiss government and the break-up of the large bank into smaller units, according to Bloomberg news. or rather than competitor UBS.
On Wednesday, the news that Credit Suisse is likely to go bankrupt sent shockwaves through the investment community.
Worries about the consequences have flocked to the US Treasury, which has assessed the impact of the bankruptcy of Credit Suisse on the US financial system and the overall economic development.
Fears that commercial bank woes would spread outside the US sparked a tumultuous day on Wall Street, with the Dow Jones Industrial average down 362 points and the S & P 500 down 34 points as of press time.
BTC skyrocketed amid concerns about the United States and its current global banking system, but fell after peaking at $26111 on Tuesday. As of press time, Bitcoin traded at $24560, down 0.6 per cent in the past 24 hours.
