'We're speaking about institutions with trillions of dollars of assets, not $400 billion like SVB,' economist Nouriel Roubini told Newsweek.
The collapse of Silicon Valley Bank poses a risk of"global contagion," economist Nouriel Roubini toldEuropean bank stocks closed at their lowest levels since their assets were impacted by the war in Ukraine.
"Dr. Doom" economist Nouriel Roubini is warning that the recent collapse of Silicon Valley Bank poses a risk of"global contagion." The recent chaos surrounding SVB's closure has not been limited to the U.S., like Roubini noted. On Monday, European markets closed much lower with bank stocks falling 5.65 percent—the biggest slide in more than a year. The most recent worst day had been on March 4, 2022, shortly after Russia invaded Ukraine, when bank stocks fell 6.66 percent.
As part of the fallout, another financial institution in New York, Signature Bank, was shut down two days later by authorities who feared keeping the bank open could threaten the stability of the financial system.
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