Extend and Pretend: here come the bank waivers

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Recorded17 Apr 2020

Publisheranchor.fm ↗

Handlerec:2678586

Show notes

US companies have aggressively borrowed from their bankers over the last month as their earnings disappear under economic lockdown. The rules of those borrowings allow the banks to put the businesses into default if they breach certain metrics. Many are now breaching, but the banks are pretending it didn’t happen - the scale of the problem is too big to cope with.

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