Atradius, a trade credit insurance company, released an insolvency forecast report for 22 advanced economies on Thursday.
Among the reports findings is the Eurozone’s persistently high insolvency rates.
“Despite the modest improvement, insolvency levels in the eurozone are still 75% higher in 2015 than in 2007, and will remain 67% higher in 2016,” the report writes.
Atradius forecasts a deterioration of the situation for Greek businesses in combination with high insolvency rates. The company also predicts that although Switzerland will experience a higher insolvency rate for 2015, Greece will have the highest insolvency index level among these 22 advanced economies for 2015 as well as 2016.
“In Greece, the escalation of its debt crisis has increased uncertainty particularly regarding the terms of the bailout program, again debilitating the business environment. The number of business bankruptcies is forecast to increase 9% in 2015 and a further 6% in 2016,” the report notes.
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