German Chancellor Olaf Scholz confirmed in an interview with the German newspaper Handelsblatt that “the banking system enjoys greater flexibility and the economy is stronger than last time, which guarantees safe savings”.
In an interview with a German newspaper, Schultz said: “I don’t see any danger…
Schultz sought to allay fears of a new financial crisis due to the collapse of Silicon Valley Bank and the problems caused by Credit Suisse.
The German chancellor’s guarantee comes after Credit Suisse borrowed up to $54 billion from the Swiss central bank to support liquidity and restore investor confidence, and after the collapse of US bank Silicon Valley earlier this month.
“German savers’ deposits are safe. Not just because of the greater flexibility of the banking system and tighter regulations, but also because of our economic strength,” Scholz is quoted as saying. “We are seeing authorities in the United States … in Great Britain … and more recently in Switzerland act quickly and decisively, and that creates a sense of security that all citizens of this country can count on.”
Source: EuroNews
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