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Europe’s lenders have tons of cash — but so did Credit Suisse.
Credit Suisse is casting a shadow over Europe
Source: Bloomberg
Paul J. Davies
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Credit Suisse AG’s weekend rescue by UBS AG sent European bank investors reeling at the start of this week, in fear of a rolling crisis and in shock at what just happened to an apparently sound but deeply troubled 166-year-old institution.
Yet even as the initial panic subsides and bank shares recover from their swoon, the world has changed — and not only because of Credit Suisse. European banks face a different reality than they did before the US government takeover of Silicon Valley Bank only 10 days ago. The Stoxx Europe 600 banks index is down more than 10% since then.