Thread by @AFP

Silicon Valley Bank's stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers, raising fears of a wider tech sector fallout ➡️ u.afp.com/ih73 #SVBBank

#UPDATE Britain's technology and life sciences sectors are at "serious risk" following the closure of the California-based Silicon Valley Bank, Chancellor Jeremy Hunt warned on Sunday ➡️ u.afp.com/ih7w #SVBBank

#BREAKING US govt rules out Silicon Valley Bank bailout, but wants to avoid 'contagion': Treasury Sec. Yellen

#UPDATE US Treasury Secretary Janet Yellen on Sunday said the government wanted to avoid financial "contagion" from the implosion of the Silicon Valley Bank but ruled out a bailout of the institution ➡️ u.afp.com/ih7s #SVBBank