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17th May 2021

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EU risks 'tsunami' of failed businesses

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Europe could see a "tsunami" of business failures after governments end pandemic-linked aid programmes, worth €1.5 trillion so far, the European Systemic Risk Board, an EU financial watchdog, warned Wednesday. "In a worst-case scenario, the postponed insolvencies would suddenly materialise and trigger a recessionary dynamic, potentially causing further insolvencies," it said. "The current low rate of insolvencies would then be similar to the sea retreating before a tsunami," it added.

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