The crash of two US banks brings back dark memories of 2008. The US government reacts quickly to prevent investor panic. The German Economics Minister also made a statement.
Economics Minister Robert Habeck (Greens) does not fear a renewed financial and banking crisis after the crash of two US banks.
He said yesterday (local time) on the sidelines of a visit to Brasilia, when asked if he feared a financial crisis like in 2008 and 2009, the news he had received and the US government’s reaction to the Silicon Valley bank made him cautious be positive that this is not happening.
But it also shows that the measures taken in Europe after the bank collapse in 2008 are effective. The banking system is now in a more robust condition due to political measures. “And as such, the answer is no.”
Biden is also on a calming course
US President Joe Biden had reassured customers after the closure of two banks. “Americans can rest easy, the banking system is safe. Your deposits are safe,” Biden said yesterday.
Customers of the institutes concerned would have access to their savings from Monday. This also applies to small businesses. Taxpayers should not bear the cost of deposit insurance. The money comes from a deposit insurance fund that all banks pay into, Biden said.
On Friday, the Silicon Valley Bank (SVB), which specializes in start-up financing, was temporarily closed after a failed emergency capital increase and placed under state control. This caused unrest around the world. Other banks also came under pressure on the stock exchange. New York-based Signature Bank also closed on Sunday.