Report
Risk of zombification in Europe: (2) credit
If economic crises have any merit, it is that they trigger "creative destruction". The most fragile firms die, the most innovative ones prosper, and the productive system becomes more efficient. This mechanism seized up in Europe during the coronavirus pandemic. States have subsidised loans and, at first sight, the quality of credit has improved. This interlude will come to an end as the recovery allows the aid mechanisms to be stopped. As a result, defaults will jump, if only to...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bruno Cavalier
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