Germany's Olaf Scholz dismisses fears over Deutsche Bank
Financial Times: Germany’s chancellor rejects Credit Suisse comparison.
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Financial Times: Germany’s chancellor rejects Credit Suisse comparison.
But European leaders downplayed any risk of a possible crisis at a summit Friday.
Last night, amid the Fed's H.4.1 report, we noted an unprecedented surge in foreign official Repo ($60 billion) under the Fed's new FIMA repo facility, which means that the offshore scramble for dollars was alive and well, and someone really needed access to USD. The assumption was that it was Credit Suisse (or UBS) shoring up some shortfalls, but with the action of the last couple of days, others are worrying that there is more afoot in the EU banking system.
(CTN News) - Market panic over European banking stability led to a drop in Deutsche Bank shares Friday while insurance costs spiked.........
FRANKFURT, Germany (AP) — Shares in Deutsche Bank fell sharply Friday, dragging down other major European banks and leading German Chancellor Olaf Scholz to express confidence in the country’s largest lender after fears about the global financial system sent fresh shudders through the market.