Cracks exposed in global banking system – but this isn’t a 2008 rerun yet
Credit Suisse stabilised by colossal loan but the crisis isn’t over. Banks are better capitalised than in 2007-08 but the system is being sorely tested, writes James Moore
It’s been a case of lather, rinse, repeat in banking this week, with the collapse of Silicon Valley Bank followed by a much bigger crisis in the form of Credit Suisse.
Mid-sized SVB was more systemically significant than many had assumed, raising big questions about US oversight.
However, there was never any doubt about the dangers from a stricken Credit Suisse, a pillar of the Swiss banking establishment and a (shaky) member of the top table.
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