Corporate bankruptcies in the euro zone have been fewer than feared in April. Noting the euro zone would now shift to more targeted support for firms, the officials of eurozone said that. Euro zone ministers were preparing to make more similar insolvency laws across the 19-nation bloc. This is to better prepare for a wave of bankruptcies that is expected, when companies are weaned off government support in this pandemic.
After a meeting of ministers in the town of Brdo in Slovenia, the chairman of euro zone finance ministers Paschal Donohoe told a news conference that, the expectations in relation to the difficulties with corporate solvencies have changed. He also added that even though they have avoided difficulties now, they are not complacent about the future. They will have a more targeted approach, but they will continue to have a supportive stance. They do acknowledge that there can be challenges and difficulties ahead. European Economic Commissioner Paolo Gentiloni, said that the better-than-expected outcome was mainly as a result of the European Central Bank’s pandemic bond purchasing plan. The suspension of EU borrowing limits for governments and EU rules respectively, prohibits the state support to firms.
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