Eurotopics.net

Representatives from arch-rivals Saudi Arabia and Iran announced at a meeting in China their intention of resuming diplomatic ties and normalising their relations, which have been fraught for decades. Europe's press comments on the fact that it was Beijing that brokered this breakthrough, which has taken the West completely by surprise.

The US's Federal Deposit Insurance Corporation took control on Friday of Silicon Valley Bank (SVB), which specialises in technology startups. This is the biggest bank failure since the financial crisis of 2008/2009. US Treasury Secretary Janet Yellen said a government bailout was out of the question. Commentators discuss the reasons for the collapse and worry that other small banks could follow suit.

Traditionally neutral Switzerland will continue its policy of not supplying weapons to Ukraine. On 8 March, the National Council voted by a narrow majority to allow arms deliveries - but only if the UN Security Council condemns the invasion of Ukraine, which remains effectively impossible due to Russia's veto. Requests by other countries, including Spain and Denmark, for permission to deliver Swiss arms to Ukraine were rejected accordingly. The national press voices its displeasure.