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Companies’ insolvency risks amid pandemic pose financial concerns for global authorities, Basel chief says

( April 29, 2021, 17:13 GMT | Official Statement) -- MLex Summary: Corporations’ insolvency risks amid the pandemic call for global authorities’ attention to prevent a financial crisis, said Pablo Hernandez de Cos, head of the Basel Committee on Banking Supervision and governor of the Bank of Spain. A financial component “would only make the crisis more lasting and socially and economically more costly,” he said. Some companies, especially those in sectors most affected by the pandemic, face possible insolvency due to higher debt levels and lower profitability, he said.See document below. ...

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