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Tag Archives: Europe – Italy

It Starts: The Corporate Mega-Bailout Bonanza in Europe, Germany on Top

Airlines, automakers at the forefront. And it has only just begun. EU waives rules banning state aid. Ryanair, which doesn’t need a bailout, is furious. By Nick Corbishley, for WOLF STREET: Governments around Europe have rolled out a dizzying array of measures, including loan programs, tax payment deferrals, and furlough schemes, to help companies, large and small, withstand the fallout of the Covid-19 lockdowns. Large companies have also benefited from massive central bank purchases...

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Third Mega-Crisis in 12 Years: Eurozone Economy Plunges at Fastest Rate on Record

First the Global Financial Crisis, then the Euro Debt Crisis, now the Big One. By Nick Corbishley, for WOLF STREET: In its 21 years of official existence, the Eurozone has already been through two brutal crises — the Global Financial Crisis and one of its own doing, the Euro Debt Crisis — that nearly tore the bloc apart. Now, it is in the grip of another one that is already exacting a larger toll than the first two, despite having barely begun. The preliminary GDP in the first quarter...

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Service Sector Falls Off Cliff in the Eurozone, Manufacturing Not Far Behind

It will likely take “several years before the output lost due to the virus outbreak is fully regained.” By Wolf Richter for WOLF STREET. “At this stage, we can only tentatively map out the scale and gravity of the coronavirus shock to our economies. While the immediate fallout will be far more severe for the global economy than the financial crisis, the depth of the impact will depend on the evolution of the pandemic, our ability to safely restart economic activity and to rebound...

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European Banks Reveal Scale & Complexity of Crisis. Shares Hammered Back to 1987 Level

They haven’t gotten over Financial Crisis 1 and the Euro Debt Crisis. Now there’s a new crisis. Deutsche Bank’s CEO going on TV to soothe nerves didn’t help matters. By Nick Corbishley, for WOLF STREET: The biggest European banks have started to report their earnings against a bleak backdrop of locked down economies, plunging economic activity, surging business closures and rising loan defaults. Each earnings call laid bare the scale, scope and complexity of the problems and challenges...

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Tourism in Southern Europe, Accounting for 13%-21% of GDP, is on its Knees. When Will it Get Back Up Again?

The economies are still incredibly fragile, even eight years after the last crisis. By Nick Corbishley, for WOLF STREET: The tourism industry is in the “eye of the hurricane”, says Manuel Butler, executive director of the World Tourism Organization. “It was the first sector to be afflicted by the virus crisis and, unlike other crises, is likely to be the last to recover from it.” Tourist spending across Europe already slumped 68% year-on-year in March, when the lockdowns began to...

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Construction Activity Plunges in Germany, France, & Italy

And construction companies “aren’t expecting a swift recovery.” By Nick Corbishley, for WOLF STREET: The signs of strain continue to come thick and fast for the Eurozone’s economy. At the end of last week, it registered a fall-off-the-cliff collapse in its all-important services sector. Also confirmed was a vertiginous downturn in manufacturing. Now it’s the construction industry. The IHS Markit Construction PMI for the Eurozone, which tracks how executives of unnamed companies...

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Preparing for the Aftermath: China’s Airlines Try to Exit Crisis, Alitalia is Nationalized, Qantas Plans 21-Hour Direct Flights

The situation is very fluid. By MC01, a frequent commenter on WOLF STREET: On April 2, the Civil Aviation Authority of China (CAAC) held a press conference in Beijing to update the press about the aftermath of the Covid-19 lockdown. Internal air traffic more than doubled since the depth of the crisis but still operates at only 42% of the capacity it had before the crisis. The main drivers of this recovery have so far been migrant workers returning from their home provinces to their...

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CoronaWar Battlegrounds: New York Leads in Growth, Minnesota Bends it Best. California Hot Spots v. Italy & South Korea. Pain in Spain

Madrid area hospitals were forced into wartime-triage, denying care to the elderly in order to give the young a better chance. By Wisdom Seeker, a WOLF STREET Commenter with a physical sciences Ph.D., San Francisco Bay Area: This post takes a fresh look at key battlegrounds in the CoronaWar which we discussed last week. For local readers, I’ll take a unique and fresh look at the Bay Area, LA and California. Around the US and globally, Spain joins Italy’s misery, but New York continues...

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European Banks Face Financial Crisis 2, Shares Hit 1988 Lows

The ECB promised “to monitor markets closely.” Then it came out with a new bond buying binge. By Nick Corbishley, for WOLF STREET: Bank stocks in Europe plumbed fresh mutli-decade lows despite the release of a hurriedly improvised one-paragraph announcement by the ECB pledging to do just about whatever it could take to keep the banking system in tact. The ECB will continue “to monitor markets closely”, the message read, and is “ready to adjust all of its measures, as appropriate,...

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I Live in Italy’s “Orange Zone”: What it’s Like Inside the Lockdown

Not so locked down. But there are real consequences for people and businesses. By MC01, a frequent commenter on WOLF STREET: I currently live in Italy, right in the middle of the “orange zone” that the government declared due to the Covid-19 outbreak. The publisher of Wolf Street, Wolf Richter, asked me to write about the issues relating to this emergency, so brace yourself for some hard truth. In an “orange zone,” movements are restricted, but there are many exceptions. These...

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