Swiss government hold a meeting on the situation with Credit Suisse

The Swiss Federal Council held a meeting on the situation with one of the largest banks in the country, Credit Suisse. On Saturday, March 18, the newspaper reported.

Council spokesman Andre Simonazzi declined to comment on the results of the meeting to reporters.

Earlier, on March 16, White House spokeswoman Karine Jean-Pierre said that the problems of the Swiss bank Credit Suisse are isolated and do not reflect the situation in the global economy.

On the same day, Credit Suisse said it would borrow 50 billion Swiss francs (about $53.7 billion) from the country’s central bank. This measure will help the bank avoid collapse, as the credit institution faced a collapse in shares by 24.2%.

On March 15, the stock price of Credit Suisse and the value of its debt securities fell due to the market reaction to the bankruptcy of the American Silicon Valley Bank. According to the Swiss exchange SIX Swiss Exchange, at the bottom point, the value of securities was 1.7 Swiss francs per share. In this regard, there was a decrease in the leading index of European banks Euro Stoxx Banks by 7%.

Prior to that, on March 12, American analyst and investor Robert Kiyosaki, who predicted the collapse of Lehman Brothers in 2008, said that he expects Credit Suisse to go bankrupt.

On March 11, it became known about the bankruptcy of Silicon Valley Bank in the USA. The organization went bankrupt in less than two days. After the bank made an unsuccessful operation with securities, depositors began to withdraw funds sharply from their accounts.

For latest updates and news follow BLiTZ on Google News, YouTube, Facebook, and also on Twitter.

- A word from our sponsors -

Most Popular

Leave a Comment

%d bloggers like this: