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Sunday, March 26, 2023

Has the largest bankruptcy in US since 2008 calmed down?

U.S. President Joe Biden said on Friday that the banking crisis after the recent collapse of the Silicon Valley Bank (SVB) and Signature Bank has calmed down.

Customers and bystanders form a line outside a Silicon Valley Bank branch location,(AP)

“Yes,” Biden told reporters when asked if the banking crisis had calmed down.

Financial stocks have lost billions of dollars in value since the collapse last week.

Also read: SVB Financial group seeks bankruptcy protection amid banking crisis

Californian regulators shuttered Silicon Valley Bank last Friday and appointed the Federal Deposit Insurance Corporation as receiver. It was the largest collapse since Washington Mutual failed during the financial crisis of 2008.

On Friday, the bank’s parent, SVB Financial Group, said it had filed for reorganization under Chapter 11 bankruptcy protection.

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