Biden in a huddle to avert major crisis after second U.S. bank collapses

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.

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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