On Monday, Credit Suisse suspended $10 billion in funds after finding that $4.6 billion in insurance underpinning Greensill contracts had expired. Troubled UK finance firm Greensill is reportedly on the brink of bankruptcy — a development which would send shockwaves through the sector, ensnaring clients and risking up to 50 000 jobs worldwide. German media reported that regulator Bafin has filed a criminal complaint against Greensill Bank over allegations it falsified balance sheets. Bafin on Wednesday froze payments in and out of Greensill Bank, essentially closing it down. A collapse of Greensill Bank would also have big consequences for the investments of local authorities.

Source: News 24 March 06, 2021 12:56 UTC