France asks Bern to “fix” Credit Suisse problems

French Prime Minister Elisabeth Borne on Wednesday asked the Swiss authorities to resolve the problems of the bank Credit Suisse, whose situation is causing concern in the financial markets. Several French establishments, such as BNP Paris and Société Générale fell in the wake of Credit Suisse: by 11.11% for the first and 11.01% for the second, according to data available around 11:30 a.m.

“This subject is the responsibility of the Swiss authorities. It must be settled by them”, affirmed before the Senate the French Prime Minister, during the session of questions to the government. She said that French Finance Minister Bruno Le Maire “would have contact with his Swiss counterpart in the coming hours”. Neither Karin Keller-Sutter, Federal Councilor in charge of Finance, nor the Federal Council, has yet commented on the information.

Market concerns

The stock markets fell heavily on Wednesday because of fears about the solidity of the banking sector and in particular of the Swiss bank. These concerns follow a few days after the bankruptcy of an American bank, the Silicon Valley Bank (SVB). The head of the French government reaffirmed that French banks were not affected by this bankruptcy.

“I confirm to you, as the Minister of Finance reminded you yesterday, that French banks are not exposed to any risk following the bankruptcy of the SVB,” she said.

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