Banks push European stock exchanges, Frankfurt closes at +1.7%

(ANSA) - MILAN, MARCH 21 - The European stock exchanges are racing after investors digested the terms of the Credit Suisse rescue by UBS and appreciated the reassurances of the European authorities that shareholders will always pay before bondholders in the event of public intervention.

The disappearance of fears of instability in the credit sector made Frankfurt (+1.75%), Paris (+1.42%) and London (+1.79%) gallop, also supported by the statements of the US Treasury secretary, Janet Yellen, who assured that the US government is ready to intervene to protect her institutions.

Purchases hands down on the entire banking sector with Ubs which jumped by more than 10%.

(HANDLE).