The National: Commerzbank prepares for more German bankruptcies amid Ukraine fallout
Germany’s Commerzbank is preparing for more businesses to fail in Europe’s biggest economy amid high inflation and economic perils exacerbated by Russia’s war in Ukraine.
The lender sees provisions for loan losses to rise as it works closely with its clients to minimise the impact of commodities’ super cycle on their businesses, Handelsblatt, a German businesses publication cited Commerzbank chief executive Manfred Knof as saying.
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Update #1: Europe’s biggest economy faces wave of bankruptcies — banking chief (RT)
Update #2: German industry reels from anti-Russian sanctions (RT)
WNU Editor: Trade with Russia is now cut-off, and with impending energy shortages and high inflation it is a given that Germany will be in a recession in the coming months.
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