Unrest in the markets – “Plunge” and the Athens Stock Exchange
Photo. REUTERS/Arnd Wiegmann
World stock markets plunged today on Wednesday, as investors' fears about the course of the banking sector resurfaced and spread around the world.
A central role appears to be played by Credit Suisse, the error-prone Swiss bank that has struggled for years to turn its fortunes around, with clients steadily shifting their assets to rival banks.
In particular, Credit Suisse's shares fell the most (about 30%), setting another record low.
On Wednesday, the bank's largest shareholder, Saudi National Bank, ruled out providing more money for Credit Suisse, as it does not want its percentage to exceed the 10% limit.
The anxiety that prevails in the markets was also felt in the Athens Stock Exchange, which closed with losses of 4.55%.
FT: Appeal to the SNB for public support
Additionally, as reported by the Financial Times, Credit Suisse appealed to the Swiss National Bank (SNB) for public support.
Credit Suisse made a similar request to Swiss regulator Finma, the report said. , citing two sources with knowledge of the matter.
The SNB declined to comment to Reuters.
It is noted that Credit Suisse has announced that it has been forced to resort to liquidity reserves to cover the funds that have left it.
Since last year, the Swiss bank has been trying to regain the trust of its customers, investors and regulatory authorities, which has been shattered after a series of wrong moves.
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With information from New York Times, Bloomberg, Reut ers, Financial Times
