The US federal government rules out bailing out Silicon Valley Bank (SVB). So Treasury Secretary Janet Yellen, in an interview with “Face the nation” on CBS, about the bank’s failure. At the same time Yellen points out that we want to avoid “contagion” and that we are working to help customers worried about their money. Yellen highlights how the situation is very different from the financial crisis almost 15 years ago and tries to reassure Americans that there will be no domino effect following the collapse of the SVB.
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«The American banking system – he says – is really safe and well capitalised. It’s tough.” Among the problems, the main one that led to the bankruptcy of the SVB is the increase in interest rates by the Federal Reserve to fight inflation, since many of its assets, such as bonds or guaranteed securities, have lost value market. Possible solutions also include the acquisition of the SVB by another institution.
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Francesco Bertolino
