French banks ( BNP-Paribas, Société Générale and Crédit Agricole ) are taking big hits on the stock market.
UK banks ( HSBC, Barclays and Lloyds ) too.
Swiss Bank Crédit Suisse is also taking hits due to the failure of Silicon Valley Bank and Silvergate Bank and has decided to postpone the publication of its quarterly figures for fear of an even worse crash ( which at least indicates that those quarterly figures are not good )
The Dow Jones undergoes a financial crash.
US authorities had earlier proclaimed that it would take over Silicon Valley Bank's losses ( some $500 billion ) but... the US Secretary of Treasure, has since then announced that the federal government will not bail out Silicon Valley Bank and is working to help depositors worried about their money.
Silicon Valley Bank cannot pay out the deposits. It does not have the necessary funds to do so. It looks like the deposit holders ( including Harry and Meghan who had reportedly parked all their money with SVB ) are lost.
UPDATE :
Flemish newspaper has just published an article titled " Crash of two US banks sows panic on stock markets but no banking crisis like 2008 " which completely contradicts the earlier predictions of international financial analysts and their current views.
Businessam's just-published article is also incorrect.
Read more about this in a previous article ' All banks are bankrupt " and in this review by the newspaper De Tijd.
For now, no figures and data are yet known from Belgian Banks.
The issue is being followed closely by the editorial team.
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