The £1 buy-up avoids the need for a taxpayer-funded bailout and secures the future of hundreds of firms put at risk by the collapse. But despite reassurances from governments around the world about the low risk of further bank failures, stock markets were hit by fears that high interest rates may be crippling the banking sector.
European bank shares saw their biggest rout since Russia's invasion of Ukraine, while on Wall Street stocks in smaller banks plummeted. At a meeting in Brussels, French finance minister Bruno Le Maire called on markets to "calm down".
Regulators in the US closed the Silicon Valley Bank on Friday after depositors rushed to withdraw their funds all at once. Talks to rescue the UK arm continued over the weekend and into the early hours yesterday and included phone calls from prime minister Rishi Sunak on his plane on the way to San Diego for the Aukus summit.
Bu hikaye The Independent dergisinin March 14, 2023 sayısından alınmıştır.
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Bu hikaye The Independent dergisinin March 14, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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