Silicon Valley exhales after US intervenes in SVB collapse

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By Krystal Hu, Anna Tong, Jeffrey Dastin and Greg Bensinger (Reuters) – A wave of relief swept over Silicon Valley Sunday following a tense weekend of board meetings, emergency funding plans and pleas for help after regulators stepped in to backstop the region’s embattled namesake bank. Banking regulators said Sunday evening that depositors at Silicon Valley Bank, which was shuttered Friday, would have access to their funds Monday, putting to rest fears that startups would struggle to pay their employees this week. The bank’s closure had followed interest rate hikes that hurt its startup custo…

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