Clear words for the payment problems of the Corona financing agency COFAG from Gerald Zmuegg, Managing Director of the Finanzombudsteam advisory platform in the krone.tv interview: “The design of the Covid aid for companies is one catastrophe. More than 500 million euros have still not been paid out. And also the political responsibility is a total failure.” The numerous expert opinions that companies had to issue after COFAG questions “look more like a ‘Wild West story’”.
Economist Oliver Picek of the Momentum Institute even sees a ‘pincer attack’ on companies at the moment: “On the one hand, sales are currently falling in many places because the economy is weakening. On the other hand, the costs increase enormously. Also because of the higher interest on corporate loans.” Zmuegg analyzes soberly: “The wave of bankruptcies was not prevented by COFAG, but only postponed.” Significant problems are expected in the fourth quarter of this year. The banks’ recent offer to assist in loan repayments would have effectively been a ‘bank larifari event’.
You can see many more details in the video above, such as whether there will be a wave of lawsuits against the termination of COFAG payments and whether there is ‘over-funding of companies’.
We explain what everyone is currently thinking about: the latest news conversations with politicians and experts.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
