The SVB collapse didn’t just leave the banking sector in disarray; technology startups in Australia are bracing for tighter access to credit, and there are fears more banks could fall and that the global economy is at risk of recession.
Silicon Valley Bank was the 16th-largest in America, making it the biggest bank failure since the global financial crisis of 2008.
Its collapse has sent the banking industry into a crisis. Signature Bank in New York also went under. And on Monday European bank Credit Suisse was rescued by its Swiss rival UBS in a government-backed deal.
Subscribe: http://ab.co/1svxLVE Read more here: https://ab.co/3n7uJiW
ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It’s news when you want it, from Australia’s most trusted news organisation.
For more from ABC News, click here: https://ab.co/2kxYCZY
Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1
Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2
Like ABC News on Facebook: http://facebook.com/abcnews.au
Follow ABC News on Instagram: http://instagram.com/abcnews_au
Follow ABC News on Twitter: http://twitter.com/abcnews
Note: In most cases, our captions are auto-generated.
#ABCNews #ABCNewsAustralia