When the world gets closer.

We help you see farther.

Sign up to our expressly international daily newsletter.

blog

Bordery Forgery

Bordery Forgery

This footbridge between two of the Thousand Islands in the Saint Lawrence River is often hailed as being the "shortest international bridge in the world." The border that separates Canada from the U.S. is said to pass exactly between Zavikon Island and Little Zavikon Island, making for a great anecdote told by many tour guides.

Too bad the whole story turns out to be bogus!

You've reached your limit of free articles.

To read the full story, start your free trial today.

Get unlimited access. Cancel anytime.

Exclusive coverage from the world's top sources, in English for the first time.

Insights from the widest range of perspectives, languages and countries.

Economy

How SVB Is Different Than Lehman — And Not Different Enough

The fall of Silicon Valley Bank revives memories of Lehman Brothers' bankruptcy. The two situations have some fundamental differences, but there is enough in common that the risks that SVB could spark a new global financial crisis is very real.

Photo of a person in front of a Silicon Valley Bank

A Silicon Valley Bank (SVB) branch office in Pasadena, California

Jean-Marc Vittori

-Analysis-

PARIS — In finance, brands can be the omens of disaster. On Monday, April 2, 2007, New Century Financial collapsed. The fall of this "financial institution of the new century," which had failed to properly assess risks, was the true starting point of the great financial crisis that culminated 18 months later with the bankruptcy of Lehman Brothers.

On Friday, March 10, 2023, Silicon Valley Bank (SVB) was shut down by U.S. authorities following the largest bank run in history. Its clients wanted to withdraw $42 billion in a single day.

The closure of the Silicon Valley bank was a result of disastrous management, but also from its central role in a start-up ecosystem that's been weakened by a scarcity of money.

The key question is: Is this closure the starting point of a new crisis?

Keep reading...Show less

You've reached your limit of free articles.

To read the full story, start your free trial today.

Get unlimited access. Cancel anytime.

Exclusive coverage from the world's top sources, in English for the first time.

Insights from the widest range of perspectives, languages and countries.

The latest