Chinese State Bank Files Wind-Up Petition Against Shimao Developer
A Chinese state bank has filed a petition to wind up a private developer, signaling the developer's deepening financial troubles.
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Swiss Finance Minister Criticizes Bank Winding Up Rules and Defends Takeover.
Swiss finance minister has warned that the rules for winding up big banks do not work and pose risks to the financial system. He called for a review of the rules, which were introduced after the 2008 financial crisis to prevent taxpayers from having to bail out banks. The minister said that the rules could lead to a fire sale of assets and a collapse of the financial system in the event of a crisis.