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US government rules out Silicon Valley bank bailout but wants to avoid ‘contagion’

The Silicon Valley Bank was one of the main funds for big tech, and its collapse caused panic in the industry. | Fountain: AFP or licensors | Photographer: Noah Berger

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US Treasury Secretary Janet Yellen said Sunday the government wants to avoid financial “contagion” following the collapse of Silicon Valley Bank, but ruled out bailing out the venture.

“We want to make sure that the problems that exist in one bank do not infect other, stronger ones,” Yellen said in an interview with CBS.

The US authorities closed the bank on Friday to protect the deposits of its customers.

The banking sector as a whole fell on Wall Street on Thursday, but shares of some of the largest banks rebounded on Friday.

However, regional lenders remained under pressure, including First Republic Bank, which fell nearly 30% in two sessions Thursday and Friday, and crypto-exposed Signature Bank, which has lost a third of its value since Wednesday evening.

He doesn’t want a general panic

Yellen said Sunday the government is working with the U.S. guarantee agency FDIC to “resolve” the situation in BLSsince approximately 96% of the deposits of the financial institution do not have a guarantee of return.

“I’m sure they (FDIC) are looking at the wide range of options available, including acquisitions,” she said.

Yellen assured that the reforms introduced after the financial crisis of 2008 closed the door to rescue Silicon Valley Bank.

“During the financial crisis, investors and big bank owners were bailed out … and the reforms that have been made mean we are not going to do it again,” he said. (AFP)

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Source: RPP

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