Biden in a huddle to avert major crisis after second U.S. bank collapses
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The U.S is grappling with a major banking crisis after the collapse of Silicon Valley Bank (SVB) on March 10. Another U.S. bank, Signature, a New York-based regional-size lender with significant cryptocurrency exposure has been shuttered after its stock price tanked.
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The U.S. authorities have now unveiled sweeping measures to rescue depositors’ money from failed SVB. Meanwhile, president Joe Biden said that he will address the largest crisis since 2008 today.
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