Calay News
In less than a week, two financial crises have occurred in two different countries, affecting different banks that do not seem to be related to each other but have had an impact on the financial markets, causing distrust and rethinking the current policies of the FED and the ECB. The failure of the technology bank Silicon Valley Bank (SVB) in California was the first to occur, and less than a week later, the crisis of the historic Swiss bank Credit Suisse.
Experts believe that we are experiencing a financial earthquake, and aftershocks are expected to follow. Some analysts believe that what has happened is the failure of the US control system. The lack of supervision is impossible to understand without the financial crisis of 2008, a situation that is now difficult not to remember and think about whether it could happen again. Are we then facing a possible crisis of the dimensions of 2008? According to economist Julio Rodriguez, the answer is no.
The Swiss Bank is a bank that has been hit for years by reputational scandals, collapsed risk firms, and trust problems. And in a context of global distrust, Credit Suisse has once again been singled out. To halt the Swiss bank’s nosedive, the Swiss National Bank has shown its support and pledged to clean up its accounts with a $54 billion loan. The European Union is already asking each of the banks in the EU financial system to carry out exhaustive inspections to check the risk of exposure to this financial crisis and to know whether they are infected or not.
