Credit Suisse collapses on the stock market and asks the BCS for support
The crisis unleashed after the bankruptcy and intervention of Silicon Valley Bank reaches Europe, causing Credit Suisse's shares to fall on the stock market, for which the entity has requested a rescue from the Swiss Central Bank
The negative effects of the bankruptcy of Silicon Valley Bank in the United States reached Europe. This Wednesday, Credit Suisse suffered a collapse of shares on the stock market and has requested a rescue from the Swiss Central Bank.
Despite the fact that the term panic in Europe is not mentioned, analysts foresee more collateral consequences of the SVB bankruptcy.
Shares of Credit Suisse, the only bank not under the supervision of the European Central Bank, had plunged at first 30 %, then 14 % on the Zurich Stock Exchange. However, hours later they rose 20 %.
The ECB, for its part, has initiated contact with financial institutions such as BBWA, CaixaBank, Sabadel, Santander to find out the degree of exposure to Credit Suisse. Fortunately, the exposure is low and they do not seem to be affected.
However, the outlook has turned murkier for Credit Suisse as the bank’s main shareholder, the Saudi National Bank, refused to provide further financial assistance.
European supervisors keep monitoring the world scenario, but particularly in the United States. Likewise, they are focused on other factors with an impact on the financial crisis, such as inflation and the rate hike planned by the ECB for this Thursday.
(Reference image source: Boris Roessler, dpa)
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