Credit Suisse, one of the largest banks in the world, is facing a potential crisis that could have disastrous consequences for the global economy. A video by gritcapital breaks down the situation in detail and raises some serious questions about the bank's future.

The video explains that Credit Suisse's credit default swaps are "blowing up," which is a major cause for concern. Credit default swaps are essentially a form of insurance that investors can use to protect themselves against the risk that a company like Credit Suisse might default on its bonds. When these swaps become more expensive, it's a sign that the risk of default is increasing.

According to the video, Credit Suisse's credit default swaps are 18 times higher than its rival UBS and nine times higher than Deutsche Bank. Worse still, the cost of the swaps is now close to the "distress zone" for Credit Suisse, meaning investors are starting to worry that the bank could default in the near future.

The situation is made even more troubling by the fact that Credit Suisse's stock is tanking. In fact, the stock is down 96.7% from its all-time highs, which is a staggering decline. This has led many to wonder whether Credit Suisse will be the next bank to require a government bailout.

The video suggests that there are several factors contributing to Credit Suisse's problems. First, the bank announced "material weakness" in its financial reporting, which is never a good sign. Second, Saudi National Bank, Credit Suisse's largest shareholder, has said it will not offer any further assistance to the bank if it needs additional liquidity.

All in all, the situation looks pretty dire for Credit Suisse. As the video notes, "this is a much bigger problem than Silicon Valley Bank," and the potential consequences could be far-reaching. Anyone with an interest in the global economy would be wise to follow the situation closely, and to watch for further developments in the weeks and months ahead.