WASHINGTON, March 22 – RIA Novosti. Lawrence McDonald, former vice president of financial institution Lehman Brothers, told RIA Novosti that China is very vulnerable to the European economy and consumers in the US, making it prone to a banking crisis.

When asked if China would be able to withstand a banking crisis, he said, “China is very vulnerable to the European economy and to the American consumer.”

McDonald, who also worked at Lehman Brothers during the 2008 financial crisis and was responsible for debt management and convertible securities trading, believes China is a country with “tangible assets” that will appreciate in value during the crisis.

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.