50% of Europe small business faces bankruptcy according to McKinsey report

ZeroHedge/Tyler Durden

cartoon showing shutting down the government might not be bad idea“McKinsey found 20% of SMEs in Italy and France could file for bankruptcy within the next six months. Like the US, European SMEs account for two-thirds of the workforce and at least half of economic value-added. A further collapse of SMEs is a warning sign of an economic recovery that doesn’t resemble a ‘V-shaped’ recovery.”

USAGOLD note:  A disturbing trend that will find its way to every nook and cranny of Europe’s economy. Rabobank’s Piotr Matys is quoted as saying that the pandemic storm never left:  “We were in the eye of the storm, I think.” Meanwhile, back in Washington DC the politicians have their own idea of how to go about addressing America’s most pressing problems, as suitably illustrated in the Ramirez cartoon above.

Cartoon courtesy of MichaelPRamirez.com

Repost from 10-22-2020

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