“Everybody’s drinking beer as if there were no tomorrow, but my bar can barely survive off beer sales alone,” says Yahya, owner of my favorite bar.
Europe may be about to find out. 128 days with my Mother-in-Law.
PE firms sit on lots of cash but won’t invest it in their stripped-bare and failing restaurant chains.
Still waiting for the “Pent-up Demand.”
Central-Bank Forked-Tongue Syndrome.
A zombie well before the pandemic, the UK company had racked up huge debts to finance rapid growth in a sector that had started shrinking some time ago.
Owner of a small cafe that specializes in fine cakes and sandwiches tells me: “We’ll be lucky if we get half the normal number in July and August.” It’s now “all about damage control.”
But the ECB went into high gear to soothe the pain of the banks.
The AMLO government, which has refused to bail out shareholders and bondholders of large companies, could be on to something: A form of capitalism where investors, not taxpayers, carry the risks.
A new tsunami of bad debts washes ashore while banks are still struggling with the debris from the prior tsunami of bad debts.