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Post: Former minister tells West bad news about ‘sick’ banks


Swiss bank Credit Suisse in Zurich. archive photo

Zadornov predicts a resurgence for troubled Western banks, according to Credit Suisse’s scenario

MOSCOW, March 24 — RIA Novosti. Banks in the US and Europe are at risk of financial problems even after Credit Suisse joins the UBS group. red blood cell Mikhail Zadornov, former head of the Otkritie group and former Russian finance minister.

According to him, Western banking systems are facing a crisis of deposit confidence creating liquidity problems for banks that regularly show poor financial results.

Silicon Valley bank branch in Wellesley, Massachusetts - RIA Novosti, 1920, 03/22/2023

Fed chief seeks reasons for collapse of SVB bank

“Credit Suisse was the weakest bank in Europe, but there are others in the region. There is the Italian Monte dei Paschi di Siena, which should have been attached to someone ten years ago; Commerzbank is in a very weak position. Today, all ” of the “chronic patients” in the European banking market, Zadornov, fall into intensive care He said that he is facing a risk and that there is no guarantee of positive results all the time.

On Sunday, the Swiss National Bank said that Credit Suisse, which is in crisis, will be taken over by Switzerland’s largest bank, UBS.

In mid-March, California authorities 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 structure – 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.

Police near the Silicon Valley Bank in Santa Clara, California - RIA Novosti, 1920, 18.03.2023

Biden thought banks in the US were no longer in danger

Source: Ria

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