US News | The Epoch Times

US Taxpayers Could Be On the Hook for Credit Suisse Bailout, Expert Warns US News | The Epoch Times https://ift.tt/ycB94zC Following an emergency announcement on Sunday evening, the Federal Reserve loaned the Swiss National Bank (SNB) $101 million through its dollar swap facility. If the loan is not repaid by next week, U.S. taxpayers will foot the bill, a macroeconomic analyst told The Epoch Times. With its announcement over the weekend, the Fed—in coordination with key allied central banks such as the SNB, Bank of Japan, and European Central Bank—announced that it would increase the availability of its swap program, allowing daily access as opposed to weekly. “Swaps” involve short-term arrangements in which foreign central banks exchange their currency for dollars to fund dollar-denominated obligations.... March 21, 2023 at 03:00AM https://ift.tt/8aKwT2u Liam Cosgrove https://ift.tt/OIChjDz