The U.S. Federal Reserve on Wednesday signaled it would provide years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting a 6.5 per cent decline in gross domestic product this year and a 9.3 per cent unemployment rate at year’s end. Source CBC
Spain’s public debt ended 2020 at 117.1% of gross domestic product as the coronavirus pandemic and the measures imposed to curb it lifted borrowing and led to a deep economic contraction, the Bank of Spain said on Wednesday. Source Reuters
- Spain’s Abengoa (OTCPK:ABGOF, OTCPK:ABGOY) says it filed a request for bankruptcy before the court in Seville, becoming the country’s biggest company to go bust.
- The renewable energy company had €7.9B ($9.6B) in liabilities as of March 31, of which €3.9B were net corporate debt, according to its latest earnings statement.
- Abengoa’s restructuring deal with creditors fell apart after it failed to secure €20M from Andalusia’s regional government. Source Seeking Alpha
Global debt rose to a new record high of $281.5 trillion in 2020, driven by measures to curb economic fallout from the coronavirus pandemic, according to the Institute of International Finance (IIF), a global trade group of financial institutions. Source AA
