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March 16, 2023

Swiss Central Bank Bails Out Credit Suisse Bank Amid Market Jitters
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Stock markets in Asia have tumbled after Credit Suisse bank signaled it
will borrow up to $54 billion from Switzerland's central bank. The
bailout pushed European markets higher, after investors fled Credit
Suisse and other financial stocks a day earlier amid fears the sudden
collapse of U.S. banks SVB and Signature might trigger a wider financial
crisis. In another sign of turmoil in the banking sector, shares of San
Francisco-based First Republic Bank have fallen by nearly three-quarters
over the past week, after ratings firms downgraded the bank's credit
rating to "junk."


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