And construction companies “aren’t expecting a swift recovery.”
The situation is very fluid.
Madrid area hospitals were forced into wartime-triage, denying care to the elderly in order to give the young a better chance.
The ECB promises to “monitor markets closely.” Then it came out with a new bond buying binge.
Not so locked down. But there are real consequences for people and businesses.
Just how much lower can they go? To Zero. And the ECB’s negative interest rates are driving them closer to it.
“If the situation of generalized panic continues, thousands of businesses, especially small ones, will first enter a liquidity crisis, then close their doors.”
“We are preparing for the possibility of further reductions to our schedules as the virus spreads.”
Not even the “bankruptcy” word hanging over super-troubled Italian infrastructure giants Atlantia and Autostrade, whose bridge collapsed last year, can get their bonds to reflect any kind of serious risk.
And the year has just started.