The President of the Government, Pedro Sánchez, has conveyed this Wednesday a message of “caution and prudence” in the face of the tensions in the financial markets generated by the bankruptcy of Silicon Valley Bank last week and the fear of the contagion effect of other entities such as Credit Suisse , reports Efe.
In the press conference after the 34th summit between Spain and Portugal, Sánchez stated that Europe has a reinforced supervision system that it did not have before the start of the financial crisis and, in general, both European banks and the Spaniards have liquidity and solvency ratios “well above” those they had in 2008.
“The Spanish financial sector is above the average for liquidity and solvency”, highlighted the Spanish president, who pointed out that the Government is in contact with the community authorities and the European Central Bank (ECB).
According to Sánchez, after the previous crisis, “lessons have been drawn” and the deregulation that “suffered” no longer exists, so it is important, he said, to vindicate the measures taken and the reinforced supervision system.
The Spanish stock market has fallen by close to 4% today and several European banks have suspended their listing throughout the morning, dragged down by fear of a bankruptcy of the Swiss bank Credit Suisse, which is added to the collapse of the American Silicon Valley Bank.
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