After the shock to European companies, zombify or liquidate?

During the coronavirus recession, broad support was provided for European household revenues (at the aggregate level) while companies racked up losses. Although the shock was stronger than during the financial crisis, so far the losses are no higher. Various emergency measures were taken to protect corporate cash positions (deferrals of charges, loan guarantees), which will probably help smooth the total impact. But companies still face a challenging future: lower visibility on d...