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Silicon Valley Bank collapse reverberates in Israel, Gulf

Israeli startups had a lot of money in Silicon Valley Bank and may need the government’s help.
Justin Sullivan/Getty Images

Silicon Valley Bank’s failure on Friday is already affecting the Middle East, particularly Israel and some Gulf states. 

Background: Silicon Valley Bank, based in California, closed on Friday. The US government’s Federal Deposit Insurance Corporation placed the bank under “receivership” — a process whereby authorities seize a firm’s assets to help creditors recover funds in default. 

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