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Added on the 21/02/2022 06:40:48 - Copyright : Euronews EN
European markets have calmed down after Credit Suisse secured a lifeline of up to 50 billion Swiss francs from the country's central bank. The crisis is just the latest to hit the embattled lender, which has suffered a string of scandals and management issues. Jitters over the banking sector remain as the European Central Bank decides on the next rate hike. Plus, Beijing has reacted furiously to Washington giving TikTok's Chinese owner ByteDance an ultimatum: sell up or face a total ban in the US market.
Credit Suisse said it would exercise an option to borrow up to €51 billion from Switzerland's central bank
Switzerland's second-largest bank stands accused of handling funds for dictators, drug traffickers and torturers after a whistleblower leak led to a year-long investigation by a consortium of journalists. And the United States and Britain have raised the stakes for potential sanctions on Russia if it invades Ukraine. Finally, Italy's famed glassblowers are cracking under red-hot energy prices.
The merger was finalised just under three months after a rapid agreement brokered by the Swiss government. Meanwhile, European leaders are exerting pressure on Tunisia to accept a $1.9 billion IMF bailout. In other news, financier George Soros is transferring control of his $25 billion empire to his 37-year-old son.
Credit Suisse chairman, Axel Lehmann, says he is "truly sorry" that the bank could not be saved. Speaking in front of angry and tearful shareholders, Credit Suisse chiefs fronted up at the bank's annual general meeting, 16 days after its hastily-arranged takeover by larger Swiss rival UBS -- a mega-merger in which the shareholders of both banks had no say at all. "I lost 10,000 Swiss francs" says one of those visibly upset outside the meeting in Zurich, "it's many money for my family."
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