Credit Suisse Faces Crisis as Shares Plunge and Backers Withdraw Support
TL;DR Summary
Credit Suisse, the Swiss bank, will borrow up to $54 billion from the Swiss National Bank to address concerns about its financial health after investors dumped its stock and sent the price of insuring its debt against a default skyrocketing. The bank also said it would seek to buy back debt of up to $3 billion. The bank's shares tumbled 24% on Wednesday, hitting a record low, and the price of its bonds dropped sharply as well.
- Swiss Authorities Say They Will Back Credit Suisse After Shares Plunge The New York Times
- Nouriel Roubini on Credit Suisse Crisis, Inflation, Strategy Bloomberg Television
- Credit Suisse shares tank after Saudi backer rules out further assistance CNBC
- The Panic Spreads to Credit Suisse - WSJ The Wall Street Journal
- Opinion | Regulators must stop Credit Suisse from spiraling out of control The Washington Post
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