EU Blasts ‘Utter Incompetence’ Of Biden’s Bank Bailout ‘Disaster’

• European officials are enraged at the U.S. for its decision to bail out Silicon Valley Bank, according to the Financial Times.
• European financial regulators have ripped their American counterparts’ decision to bail out Silicon Valley Bank (SVB) in the wake of its collapse, claiming they violated their own standards in doing so, according to the Financial Times. They are particularly frustrated at the decision to cover all deposits when they were only supposed to guarantee up to $250,000.
• A senior eurozone official expressed their shock at the “total and utter incompetence” of U.S. authorities and called them out for previously advocating to end bailouts during “long and boring meetings,” according to the Financial Times.

European regulators criticise US ‘incompetence’ over #SVB (Silicon Valley Bank) collapse. Critics label handling of Californian lender’s failure a ‘disaster’ + claim Washington is failing to adhere to global rules (https://t.co/dm1y4jEjLX). pic.twitter.com/Tl8ErtDLyR

— Ian Beckett (@ianbeckett) March 16, 2023