The financial collapse of Silicon Valley Bank in the US or Credit Suisse in Switzerland has caused a cascade effect that hits banks in the United States and Europe in general, causing the 10 main banks on the Old Continent to lose of 50,000 million euros in market capitalization.
«Despite the liquidity measures and the reassuring messages of the different authorities, the nervousness has taken over once more investors and the world stock markets yesterday fell back into the red,” noted TyN Magazine.
«The express sale of Credit Suisse to UBS on Sunday avoided the greater evil of an uncontrolled fall of a symbol of Swiss financial power, but its rescue may not be the last chapter of the banking crisis that began in the US almost two weeks ago. », points out El País, from Spain.
On the other hand, the CEO of JP Morgan, Jamie Dimon, would be negotiating with the other banks on Wall Street a second bailout for First Republic Bank, following the first disbursement of $30,000 million to try to rescue it.
To prevent the bankruptcy of Credit Suisse, UBS agreed to buy the former, for 60% below the value. However, the crisis of investor confidence in global banking remains.
Early this Monday, in Spain, the collapse of the main banks was reported, such as: Santander and Unicaja (-5.7%), CaixaBank (-4.5%) and BBVA and Bankinter (-4%).
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