“First sector to be afflicted by the virus crisis and, unlike other crises, likely the last to recover from it.” And these economies are still incredibly fragile, even eight years after the last crisis.
“If the situation of generalized panic continues, thousands of businesses, especially small ones, will first enter a liquidity crisis, then close their doors.”
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.