The magnitude 6.8 quake that struck late on Friday southwest of the city of Marrakesh has killed nearly 2,681 people and injured 2,501 others, many seriously, according to official figures.

Rescuers in Morocco have been using their bare hands as desperate search efforts continue for survivors of Friday’s powerful earthquake.

Fortunately food supply can never a problem in Morocco❤️#earthquake #Maroc #moroccoearthquake #Morocco #earthquakemorocco #pray #hope #god #Marrakesh #MarrakeshEarthquake #Solidarity #مراكش pic.twitter.com/u2sdySaI21

— Maaz ShaheenⓂ️ (@MaazShaheen4) September 11, 2023

A mother cries in pain after she received the news of the tragic loss of her children in the devastating earthquake that struck #Morocco. 🇲🇦💔 pic.twitter.com/yrPrmDZ0V1

— PALESTINE SUNBIRD 🇵🇸 (@SBPal_Eng) September 11, 2023

Morocco’s government is under pressure to accept more international aid, as rescuers battle with exhaustion.

So far, it has accepted help from only four countries – Spain, the UK, Qatar and the United Arab Emirates.

In Bahamas after horrible Hurricane Dorian in 2019, we did this across many islands…drop off food & water and bring back to hospitals the people that were injured. We can maximize the resources and take care of food and medical together! 🙏#ChefsForMorocco pic.twitter.com/XNZWUvlPiL

— José Andrés 🇺🇸🇪🇸🇺🇦 (@chefjoseandres) September 11, 2023

Here are some organisations that are collecting donations to help the people of Morocco.

As heroic rescue missions continue around the clock, sometimes with people digging through rubble with their bare hands in towns and villages that are virtually demolished, there are organisations collecting donations to accelerate lifesaving efforts.

#Maroc #Morocco #Marruecos #Fas #earthquakes #المغرب pic.twitter.com/Xy0yWdEOcm

— Neslihan Atagül Fan (@kneslihanatagul) September 11, 2023

This video just sent to me by the @WCKitchen team in Morocco.. WCK will always be getting meals to people after disaster in whatever way needed.. cars, food truck, boats, helicopter… and at the same time as bringing meals we can also help with necessary evacuations for people… pic.twitter.com/t7TDY0by9Z

— José Andrés 🇺🇸🇪🇸🇺🇦 (@chefjoseandres) September 11, 2023

Here are some of them:

Bank Al-Maghrib

Mohammed VI of Morocco called for the creation of a bank account supported by the country’s Treasury and Bank Al-Maghrib, the Moroccan central bank, to receive relief contributions from citizens and the global community, including private and public institutions who wish to help.

pic.twitter.com/5pqGVTuX4g

— Bank Al-Maghrib (@BankAlMaghrib) September 10, 2023

Banque Alimentaire du Maroc (Morocco Food Bank)

The non-profit collects food from various donors and redistributes it through a network of associations and social protection institutions. They shared their bank details on social media, encouraging people to support their efforts.

Donations are also possible through their website here.

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Une publication partagée par Banque Alimentaire (@banquealimentaire)

Doctors Without Borders (MSF)

The independent organisation is providing medical care and equipment to affected areas and is mobilising teams to assess needs in the aftermath. It is accepting donations here.

GlobalGiving

The US-based non-profit agency that connects donors with grassroots projects around the world is also raising money for victims. According to the organisation, the funds will be allocated to provide food, water and medicine to survivors, in addition to shelter and temporary housing.

International Federation of Red Cross and Red Crescent (IFRC)

The IFRC, which has a Morocco-based team, is also accepting general donations for its Disaster Relief Emergency Fund, as they “assess the need for an emergency appeal” in grief-stricken Morocco.

In a statement, the organisation said that it disbursed one million Swiss francs (more than $1.1m) from their Disaster Response Emergency Fund to support Moroccan Red Crescent activity on the ground.

UNICEF USA

United Nations Secretary-General Antonio Guterres confirmed that the United Nations is ready to assist the government of Morocco.

According to the UN, consultations are ongoing to identify areas where the UN and its partners can provide support in the coming hours and days.

UNICEF, the United Nations International Children’s Emergency Fund, is working to support affected children and families in Morocco.

World Opinions + Aljazeera

L’article How to support Morocco’s earthquake victims.. Video est apparu en premier sur زوايا ميادين | Mayadin Columns.

Ammar Al-Khudairy, président de la Saudi National Bank, se retire “pour des raisons personnelles”. Les déclarations qu’il avait faites à la mi-mars auraient précipité la chute de l’action d’une des principales banques suisses. L’épisode démontre le poids croissant de l’Arabie saoudite sur les marchés mondiaux de la finance, souligne le “Financial Times”.

Le président de la Saudi National Bank (SNB), Ammar Al-Khudairy, a annoncé le 27 mars qu’il démissionnait de son poste, officiellement pour des “raisons personnelles”, rapporte le Financial Times, qui rappelle que cette démission survient moins de deux semaines après la débâcle de la banque Credit Suisse.

Le 15 mars, l’action de Credit Suisse a en effet chuté de 30 % après des déclarations d’Ammar Al-Khudrairy, disant qu’il ne comptait pas augmenter sa participation dans Credit Suisse, qui n’a été sauvé de la faillite qu’au prix d’un rachat en urgence par UBS, autre banque suisse.

“Puissance de feu financière de l’Arabie saoudite”

Les difficultés chroniques de Credit Suisse étaient d’autant plus scrutées que la faillite de la banque américaine Silicon Valley Bank au début du mois de mars avait créé des tensions sur les marchés financiers.

“Ce n’était pas une bonne idée d’aller à la télévision” et de s’exprimer sur le sujet “en plein milieu d’une crise bancaire”, écrit le Financial Times, citant un banquier de Dubaï.

“Les conséquences des commentaires d’Ammar Al-Khudairy sur Credit Suisse reflètent la puissance de feu financière croissante de l’Arabie saoudite, analyse le journal. C’est la première fois que le dirigeant d’une banque saoudienne fait bouger les marchés mondiaux.”

Le principal actionnaire de la Saudi National Bank est le fonds souverain saoudien, qui est “le fer de lance du programme de réformes du prince héritier saoudien, Mohammed ben Salmane [MBS]”.

World Opinions – Courrier international

L’article Crise bancaire. Une démission saoudienne après la débâcle de Credit Suisse est apparu en premier sur زوايا ميادين | Mayadin Columns.

Banks are a special type of organisation. They take deposits and lend these funds to borrowers over long periods. It is pretty remarkable when you think about it. Banks make loans over many years, but you and I can withdraw the savings that banks use to fund the loans instantly.

For banks to operate this franchise model profitably, they essentially rely on two ingredients. First, they need to earn a profit by charging higher interest on long-term loans than they pay on short-term deposits. This model has come under severe strain in recent years. Owing to high inflation now and lower expected inflation in the next few years, many banks currently pay more for deposits and other funds than they earn on long-term loans and other assets. This makes the traditional banking model loss-making and raises questions about what the assets of some banks are worth if they had to be sold now.

Second, trust in the viability of a bank is vital. Banks are inherently unstable due to the mismatch in the duration of loans and deposits. They cannot liquidate their long-term assets quickly enough when many depositors withdraw at once. Even safe banks, with ample liquidity and capital, risk collapse when trust evaporates and depositors withdraw en masse.

It is important to remember that Credit Suisse is subject to more stringent regulations and oversight than other banks. Silicon Valley Bank was compliant with liquidity and capital regulations. In fact, SVB was well capitalised compared with many of its peers. However, when trust in the solvency of a bank goes, its franchise may crumble quickly, and depositors at other banks start worrying about the safety of their deposits.

This is by no means a repeat of the 2008 crisis. Regulations ensured banks, particularly the largest ones, have more capital and therefore greater ability to absorb losses than they did in 2008. Banks have also been stress-tested to withstand quite significant losses in the value of their loan portfolio.

In the US, Biden has assured voters that no taxpayer money would go to at-risk banks, but trust in the system relies on such support

Fortunately, regulators can address trust issues by providing large, potentially limitless, liquidity to solvent banks that have suffered from an erosion of trust. Over the weekend, the Federal Reserve and other US regulators did just that when they acted decisively in providing a large amount of liquidity to US banks.

However, I was less encouraged by the authorities’ insistence that this was not a bailout and that no taxpayers’ money was used. In situations where trust in banking comes under strain, bailouts are needed to prevent much worse and, if designed well, taxpayer money need not be at stake.

Recent events starkly contrast statements made by Mario Draghi about 10 years ago when he was head of the European Central Bank. During the euro crisis, which many feared might cause a breakup of the euro with catastrophic effects on the global financial system, Draghi declared that the central bank “is ready to do whatever it takes” and added “believe me, it will be enough”. His comments are widely credited with having ended the immediate financial crisis.

As this current crisis rattles on, a statement by global regulators that they are ready to do likewise to stem instability would be very welcome. While this will not be the last banking crisis and lessons must be learned, history also tells us that “whatever it takes” will restore trust and stability.

By Jens Hagendorff is professor of finance at King’s College London – Theguardian.com

L’article Analysis. Unlike 2008, Credit Suisse and SBV haven’t been saved by governments. But let’s not make ‘bailout’ a dirty word est apparu en premier sur زوايا ميادين | Mayadin Columns.