Jordanian oil and energy expert Amer Al-Shobaki said today, Monday, that the failure of the Silicon Valley and Signature banks is good news for Jordanian borrowers.
The expert pointed out that the bankruptcy of two banks will reduce the possibility of another increase in interest rates by the US Federal Reserve in light of the pressure on the banking sector.
He continued by stating that this is “good news for borrowers in Jordan and the world, and at the level of the debt crisis in developing economies.”
US President Joe Biden today vowed to bring to justice the people responsible for the bankruptcy of Silicon Valley Bank and the second financial institution, Signature Bank, while at the same time trying to reassure Americans of the safety of their deposits.
On March 10, the state of California closed the Silicon Valley bank, the largest bankruptcy in the US since the financial crisis of 2008, and yesterday the US financial authorities unveiled a rescue plan that ensures that all bank depositors can get their money back.
However, despite the assurances, the markets are in a panic as this led to the fall of European stocks amid expectations that the Wall Street stock exchange will also decline today.
Source: tell me
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