Traffic down 95%. To run out of money by April.
Blackstone Group, BNP Cardif, Crédit Agricole, and others have also unwound or suspended their relationship with H2O.
The “second wave,” if prolonged, could cause bad loans to almost triple, to €1.4 trillion, says the ECB.
45 million people have been furloughed in Germany, the UK, France, Italy, and Spain, but the “unemployment” rate barely budged. Creating government-subsidized zombie companies & zombie jobs?
Dogged by everything from bloated costs to corruption.
Central-Bank Forked-Tongue Syndrome.
Airlines, automakers at the forefront. And it has only just begun. EU waives rules banning state aid. Ryanair, which doesn’t need a bailout, is furious.
First the Global Financial Crisis, then the Euro Debt Crisis, now the Big One.
Big driver behind soaring rents — the “Airbnb effect” that removed countless properties from global cities’ long-term rental markets — reverses.
It will likely take “several years before the output lost due to the virus outbreak is fully regained.”