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Swiss Central Bank Bails Out Credit Suisse Bank Amid Market Jitters

HeadlineMar 16, 2023

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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