The Swiss government is working with Credit Suisse to find ways to stabilize the bank and assure the public that systemic risk to the financial system will be contained.
The troubled banking giant, which is on the brink after its largest shareholder refused to inject more capital, is now receiving public government support, according to a report from CNBC.
Credit Suisse and government leaders are considering several remedies to contain the crisis, including an infusion of liquidity from the Swiss government, a breaking up of the big bank into smaller units, or a deal with its rival UBS, reports Bloomberg.
The potential failure of Credit Suisse sent shockwaves through the world of finance on Wednesday.
Fears of fallout reached the U.S. Treasury Department, which is reportedly reviewing the impact that a collapse of Credit Suisse would have on the American banking system and overall economy.
Fears that banking woes will spread far from the shores of the US triggered a volatile day on Wall Street, with the Dow down 362 points and the S&P 500 down 34 points at time of publishing.
Bitcoin, which has boomed amid concerns about the US and now the global banking system, has retraced after reaching a high of $26,111 on Tuesday. BTC is trading at $24,560 at time of publishing, down 0.6% in the last 24 hours.
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