Rishi Sunak says UK banks safe as investors remain wary
Despite the panic, experts do not expect a repeat of 2008 when banks stopped lending to each other. The situation was so dire then it sparked a global recession.
Credit Suisse - which had been loss-making for some time but which was otherwise well capitalised - has been hit by this crisis of confidence. Mark Yallop, the former UK chief executive of UBS, said the deal "should" do the job of reassuring investors.
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