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Banks in Europe Face Potential $1.7 Trillion Covid-19 Cliff
Keywords: Coronavirus European Banks,
Economies have fallen back sharply but banks have not had to recognize bad loans as government support and repayment moratoriums have covered a quarter of all outstanding loans for companies and households. As a result there is a strange crisis in which defaults have not happened. Banks have not had to recognize bad loans. The question is what will happen once this government support and other support ends.
The European Central Bank says bad loans in eurozone could go as high as 1.4 trillion euros or $1.7 trillion, if the economies face further setbacks in the second wave of the coronavirus. European government support has been more generous than the U.S. In Italy over 25% of loans to businesses and 15% to households, totaling 300 billion euros were given payment holidays, according to Scope Ratings.
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