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

WASHINGTON, DC - FEBRUARY 22: U.S. President Joe Biden participates in a virtual meeting about mineral supply chains and clean energy manufacturing in the South Court Auditorium of the White House complex February 22, 2022 in Washington, DC. Earlier in the day, President Biden spoke about the Ukraine-Russia crisis and announced a first round of sanctions against Russia. (Photo by Drew Angerer/Getty Images)
  • 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.

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