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A Specter Is Haunting Europe’s Recovery: Zombie Companies
The Bank for International Settlements, BIS, considers companies that have interest payments exceeding the earnings before interest and taxes as zombie companies. This report in WSJ cites BIS central bank data showing 10% of European companies, including companies in Italy, Spain, and France are zombie companies. Stefanel, clothing maker, is one of these companies in Italy. This is up from 5.5% in 2007, showing how the financial crisis of 2008 and the aftermath have affected European business.
OECD estimates in Jan. 2017 confirm this showing the figures have tripled since 2007 for Italy and Spain. This misallocation of capital is as much as 20% in Italy.
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