The US President admits that Washington needs time to deal with the current challenges
The American banking sector is not going to explode, US President Joe Biden said on Friday, but added that the country still needed some time to resolve the present difficulties at financial institutions.
The president said US lenders were in relatively good shape with the government throwing all its effort into containing the fallout from the recent string of bank failures.
Biden said some time would be needed for the situation to stabilize but denied the rescue of Credit Suisse by fellow European giant UBS was a direct consequence of what has happened in the US.
“I think we’ve done a pretty damn good job. People’s savings are secure,” he told reporters at a news conference in the Canadian capital of Ottawa. “I think it’s going to take a little while for things to just calm down, but I don’t see anything that’s on the horizon that’s about to explode.”
