THE LATEST CRYPTO NEWS FROM CNS Credit Suisse rescue plan | Crypto Never Sleeps Broad
THE LATEST CRYPTO NEWS FROM CNS
Credit Suisse rescue plan may include nationalization, bondholder losses
A rescue plan for Swiss banking giant Credit Suisse may impose losses on its bondholders and even result in a full or partial nationalization of Credit Suisse Group AG, multiple reports revealed on March 19.
Swiss authorities are considering applying losses to Credit Suisse bondholders as part of the bank’s ongoing recovery efforts, Reuters learned from two sources. European regulators are concerned that the move might undermine investor confidence in Europe’s financial sector.
Another report from Bloomberg claims that the Swiss government is analyzing a full or partial nationalization of the bank, the only available alternative if the UBS takeover is not completed. Investment bank UBS is Switzerland’s largest bank.
https://cointelegraph.com/news/credit-suisse-rescue-plan-may-include-nationalization-bondholder-losses
DefiLlama forked as internal dispute unfolds
A dispute has taken place within the decentralized finance analytics dashboard DefiLlama, leading the platform to be forked by one of its employees over the weekend.
The dispute centers on the company’s plans to launch a token. On March 19, a pseudonymous developer at DefiLlama, 0xngmi, announced the firm’s team was forking the platform. 0xngmi said that DefiLlama was “undergoing a hostile takeover,” and accused DefiLlama’s founders of launching a token without employee support.
https://cointelegraph.com/news/defillama-forked-as-internal-dispute-unfolds
Fed, central banks enhance ‘swap lines’ to combat banking crisis
The United States Federal Reserve has announced a coordinated effort with five other central banks aimed at keeping the U.S. dollar flowing amid a series of banking blowups in the U.S. and in Europe.
The March 19 announcement from the Fed comes only a few hours after Swiss-based bank Credit Suisse was bought out by UBS for $3.25 billion as part of an emergency plan led by Swiss authorities to preserve the country’s financial stability.
According to the Federal Reserve Board, a plan to shore up liquidity conditions will be carried out through “swap lines” — an agreement between two central banks to exchange currencies.
https://cointelegraph.com/news/fed-central-banks-enhance-swap-lines-to-combat-banking-crisis
UBS Group agrees to $3.25B ‘emergency rescue’ of Credit Suisse
UBS Group has agreed to buy its ailing competitor Credit Suisse for $3.25 billion on March 19 as part of an “emergency ordinance” to prevent financial market instability.
An earlier report from the Financial Times claimed UBS had agreed to buy Credit Suisse for over $2 billion, citing a person familiar with the matter. However, a most recent statement from UBS has revealed that the total consideration for the deal is approximately 3 billion Swiss francs, or $3.25 billion. That’s still a deep discount to Credit Suisse’s March 17 market capitalization of 7.5 billion francs, or $8 billion.
https://cointelegraph.com/news/ubs-group-doubles-offer-and-acquires-credit-suisse-for-2b
