3rd Largest Bank in Europe, UBS, Agrees to Buy Troubled Rival | EWTN News Nightly

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The third largest bank in Europe has agreed to buy its troubled rival, Credit Suisse. Swiss authorities urged banking giant UBS to take over the smaller bank after its shares plunged last week. The deal, topping $3 billion, did not prevent Credit Suisse shares from plummeting further this morning. Meanwhile, in the US a new study revealed nearly 200 banks are at risk of failure due to rising interest rates and a high proportion of uninsured deposits. Tech lender, Silicon Valley Bank, collapsed last week after parking much of its cash in long-term government bonds, which were also subject to the nation's rising interest rates. Research fellow at the Thomas A. Roe Institute for Economic Policy Studies at the Heritage Foundation, Joel Griffith, joins to discuss the buyout that is happening in Switzerland. In the US, citizens have been assured by both the president and Treasury Secretary Janet Yellen that all is well and that the US banking system "remains solid." Griffith shares what his take is on the banking story in this country. A recent study suggests other banks are at risk of following suit. Griffith tells us whether this concern holds any weight. He explains his take on how the government responded to the SVB collapse and whether he thinks that smaller, regional banks would be afforded the same help if they were in a similar situation. The Federal Reserve printed nearly $300 billion last week as part of the bank and depositor bailout. Griffith fills us in on his reaction to that. EWTN News Nightly provides the latest news and analysis from a Catholic perspective. Join host Tracy Sabol, our Capitol Hill, White House and Rome Correspondents, as well as many other diverse guests daily, to get the latest from the U.S. and the Vatican on topics regarding our Catholic faith and interests. ------------- EWTN News Nightly airs on EWTN weekdays at 6pm & 9pm ET. ------------ Don't miss an episode of EWTN New Nightly. Get updates here: https://www.ewtn.com/tv/shows/ewtn-news-nightly ------------- Sign up today to receive the EWTN News Nightly newsletter: https://www.ewtn.com/enn ------------- Follow EWTN News Nightly on Social Media: Facebook: https://www.facebook.com/ewtnnewsnightly Twitter: https://twitter.com/EWTNNewsNightly Instagram: https://www.instagram.com/ewtnnewsnightly/ ------------- Subscribe to EWTN YouTube channel here: https://www.youtube.com/user/EWTN ------------- You can support the EWTN News mission: https://bit.ly/3qDR1qf