EU urges banks to lend to businesses in face of coronavirus

Paris — The EU is urging banks to lend to businesses as the coronavirus outbreak is bound to hit the continent’s economy.

Though it is “too early” to assess the virus’s economic impact, Breton said SMEs face cash-flow problems. “My immediate concern is making sure that SMEs can overcome” this situation, he said, citing the hit to the tourism industry in Europe, which has been losing €1bn a month in revenue due to the drop in Chinese visitors over the past two months.

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