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Boggart Abroad
It's Bollocks, My Dears, All Bollocks
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For the past few days we have been focused on the banking crisis in America, with Silicon Valley Bank, Signature Bank and First Republic Bank went into administration as rising interest rates, falling bond yields and defaulting borrowers combined to make them insolvent. It was always clear this crisis was not going to be limited to America but may be a surprise to people not involved in finance or investing is Swiss retail bank Credit Suisse. Swiss bankers are traditionally known for their cautious approach
The exposure of Credit Suisse to far too much dodgy debt has been known for a long time, in fact shareholders in the bank have been asked to bail it out several times. This time however, the distressed bank’s biggest shareholder, Saudi National Bank (SNB), which is 37% owned by the kingdom's sovereign wealth fund, has publicly ruled out further investment for the bank.
Shares of Swiss banking giant fell by more than 20 percent and the cost of insuring its bonds against default soared on Wednesday when SNB, its biggest shareholder said it would “absolutely not” provide additional support.
greenteeth-digital-publishing-uk-pages-index-news-opinion-philosophy-science-humanities-poetry-video-humour
Boggart Abroad
It's Bollocks, My Dears, All Bollocks