Shares of Credit Suisse dropped by more than 20 per cent on Wednesday, sparking new fears over the stability of the global financial system after two banks collapsed in the US.
Mr Phillips said shares were dropping as “investors were worried” that Credit Suisse will just no longer be able to pay its bills.
“The good news is the Swiss National Bank has agreed to give Credit Suisse liquidity,” he told Sky News Australia.“If they have the cash, if they have the liquidity to make sure they can meet their obligations, that is going to slow down any potential domino.
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