The expert evaluated the stability of Russia in the face of the threat of a banking crisis

A woman counts dollars in a bank - RIA Novosti, 1920, 22.03.2023
A woman counts dollars in a bank. archive photo

Former vice president of Lehman Brothers: Russia will counter the threat of a banking crisis

WASHINGTON, March 22 – RIA Novosti. Lawrence McDonald, former vice president of finance firm Lehman Brothers, told RIA Novosti that Russia will be resilient to the threat of a banking crisis.

When asked if Russia would be resilient to a banking crisis, he said “Probably yes.”

A man walks in a park in Beijing - RIA Novosti, 1920, 22.03.2023

Expert says China is vulnerable to European economy and US consumers

McDonald, who worked at Lehman Brothers during the 2008 financial crisis and was responsible for debt management and convertibles business, said Russia is a country with “solid assets”, including gold and silver, which will appreciate in value during the crisis.

The expert also added that oil will not provide assistance to the Russian Federation in this regard.

The bankruptcy of the American investment bank Lehman Brothers in 2008 is considered the starting point of the global financial crisis.

On March 10, regulators in the state of California closed Silicon Valley Bank, one of the twenty largest commercial banks in the United States. This was the largest bank failure in the United States since the 2008 financial crisis. All insured deposits were transferred from the SVB to a separate entity – the National Bank of Santa Clara Deposit Insurance. In addition, authorities have closed the major New York Signature Bank due to systemic risks, and it was announced that the crypto-focused bank Silvergate will also be closed.

Wall Street sign near the New York Stock Exchange - RIA Novosti, 1920, 03/22/2023

According to experts, 50 more banks in the USA may go bankrupt

Source: Ria


Leave a Reply

Your email address will not be published. Required fields are marked *