International

Europe’s biggest economy faces wave of bankruptcies, says banking chief

Bankenviertel in Frankfurt – the Frankfurt Stock Exchange, many corporate headquarters of large German banks and representation offices of foreign banks are located there. [Photo: Wikimedia: Thomas Wolf]

Germany will be battered with a wave of bankruptcies due to Ukraine-related sanctions against Russia, international media reported quoting Commerzbank Chief Executive Officer Manfred Knof.

“The energy supply in Germany is at risk, supply chains are breaking down, we have high inflation,” Knof was quoted by the German based daily Handelsblatt as saying.

According to the executive, almost a third of Germany’s foreign trade has been impacted, forcing companies to navigate complex issues with customers, including surging commodity prices and supply-chain bottlenecks.

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