All the News
With the wave of ongoing elections in countries such as Hungary, Czech Republic, Poland and Slovenia, Central and Eastern Europe is undergoing a major period of change against the background of economic growth that is still strong (...)Read More
The International Women's Day is an opportunity to review the numerous projects carried out within the framework of the Women to Win dedicated to women's leadership, networking and knowledge and experience- sharing (...)Read More
Full-year results 2017: Coface doubles net income to €83.2m, and activates the capital optimisation lever provided for in its Fit to Win planRead More
France’s organic food sector could be forced to abandon its original principles in order to increase scaleRead More
A better year for exporters and domestic trade
The second annual corporate payment survey for Germany carried out by Coface confirms many of the foregone trends. However, some improvements can be seen.
On June 5, 2017, Saudi Arabia, the United Arab Emirates, Egypt, and Bahrain (known as the quartet) announced they were breaking diplomatic ties with Qatar due to the country’s relations with Iran and accusations that it supports extremism. Although the embargo has had some impact on Qatar, the country has so far been able to soften the effects of the crisis. The biggest threat to the Qatari economy would be if this crisis is prolonged.Read More
Brussels, November 14, 2017 -- Almost twenty years after the launch of the first Forum on China-Africa Cooperation, China-Africa relations remain unbalanced, according to Ruben Nizard, Coface economist and author of the study, China-Africa: Will the Marriage of Convenience Last? Bilateral trade, which totaled $123 billion in 2016, has leaped over the past ten years driven by Sub-Saharan African exports until 2014. The region now has a trade deficit with China. While 90% of exports to China are concentrated on natural resources, imports are more diversified and include manufactured goods, transport equipment, and machinery.Read More
Coface Improves its Full-Year Guidance: Loss Ratio Net of Reinsurance Now Seen Below 54%, A 4ppts Improvement
The measures taken by Coface to strengthen its risk infrastructure continue to bear fruit. They benefit from an improving economic environment, as growth in all large regions around the globe is on a positive momentum.Read More
During the commodity super-cycle that lasted over a decade, until around 2014, Latin American economies showed robust performance.The poor performance of recent years highlights the region’s competitiveness challenges.Read More
The Top 500 companies generated EUR 580 billion in 2016 – a minor decrease of 0.6% – and experienced a greater downturn in net profit by -3.1% to EUR 26.3 billion. In contrast to the decrease in turnover and net profit, employment rates boomed.Read More
Coface North America Insurance Company has advised its business units to take immediate steps to comply with the Illinois Department of Insurance Bulletin 2017-03 which was issued in response to significant flooding.Read More
Coface’s annual survey traces the evolution of corporate payments in eight countries and 11 sectors in the Asia Pacific (APAC) region. The survey was conducted in Australia, China, Hong Kong, India, Japan, Singapore, Taiwan, and Thailand, with 2,795 respondents.Read More
The ongoing recovery seems to be a lasting one, given the economic rally in a considerable number of industrial sectors and in Europe, even if a few rain clouds on the horizon, in the United States and in China, darken the picture.Read More
Businesses have proven their resilience since the referendum, but a downturn in investments is starting to be seen.
The fall in growth (1.4% in 2017 and 1.2% in 2018) will lead to a rise in the number of business failures, of 8.7%1 and 8%1 respectively
Labor Shortages in the Central and Eastern Europe Region: An Opportunity for Households but a Threat for Local Companies
Developments in Central and Eastern Europe (CEE) labor markets have been beneficial for households. Rising wages and low inflation, combined with improving consumer confidence, have led to lower unemployment rates and an increase in private consumption.Read More
Coface Results for Q1-2017: Net Income at €7.3m Driven by an Improvement in Net Loss Ratio. Fit to Win Progressing as Planned.Read More
Country and Sector Risks Worldwide - Business Confidence Is Picking Up, Despite Persistent Political RiskRead More
“The second half of 2016 marks the beginning of the transformation of Coface. We delivered a net profit of €41.5m in the year, successfully closed the transfer of our French State export guarantees activity, and launched our 3-year strategic plan, Fit to Win, the (...)Read More
Coface’s first Brazil payment survey, conducted with over 120 companies, reveals a challenging environment, even though the country is expected to exit recession in 2017 with a meager growth rate of 0.4%.Read More
Coface’s payment survey confirms that sales on credit are being extensively used by Polish companies. Although credit periods have become common practice, it does not mean that receivables are being paid on time.Read More
South Africa’s Economy Challenged by Crises in Agriculture and Mining, and Fears of an Investment DowngradeRead More
After a Series of Shocks in 2015 and 2016, Turkey’s Economy Is Coming to the End of its New “Tulip Era”
Greater political uncertainty resulting from two parliamentary elections in 2015, drying global liquidity due to the US Federal Reserve’s rate hike process and the weaker Turkish lira, all contributed to dragging down growth.Read More
At the end of 2016, global sector trends remained mixed, including in the regions that until now have been relatively spared by the increase in risks. Over the whole year, across 12 sectors evaluated in six regions of the world, nearly half saw their assessments change. There were 23 downgrades for 10 upgrades.Read More
In the 2nd Quarter of 2016, seasonally adjusted activity decelerated to 1.5 %, down from 2.5% y/y reported in the previous period. Industry, which shrank by 1.5% q/q, was the main contributor to this weak result, due to the fall in oil production and challenges faced by manufacturing and construction industries. The services sector also slowed during the period, to a growth rate of 2.4% YoY, down from 3.4% for 1Q2016.Read More
Rising Political Risks in Developed Countries: The Sword of Damocles Hangs Over Europe’s Major EconomiesRead More
Fit to Win Plan to Transform Coface Into the Most Agile Global Trade Credit Partner in the Industry, While Evolving to a More Efficient Capital ModelRead More
Several favorable factors are boosting the sector, including rising populations, increasing demand for processed food, higher per capita incomes and improved production capacities. Infrastructures, climate and government strategies are major influencers.
2015 was a good year for Central and Eastern Europe. Average GDP growth was 3.3%, following 2.6% in 2014. Private consumption rose, due to declining unemployment and increasing wages. EU funds supported investments. In short, the CEE enjoyed a booming economy. But how did the largest businesses perform?Read More
US Pharmaceutical Companies Have Enjoyed Their Day In The Sun, But Is It Time To Get Out The Umbrella?Read More
China’s economy grew by 6.9% in 2015, the slowest expansion pace in 25 years. Growth should continue to slow in 2016 and 2017, and will probably undershoot the government’s average annual growth target of 6.5% - as set out in the 13th five-year plan for 2016-2020.
Heavily impacted by the Chinese slowdown and the fall in commodity prices, sub-Saharan Africa posted its lowest level of growth since 2008. 15 countries, including several that have been severely impacted by cri-ses, show significant potential in terms of consumer spending. Two sectors offer medium-term opportunities: retail and ICT
Forecast world growth for 2016 down by 0.2 points to 2.5%. The average level of global risk corresponds to B, « significant risk ». Increasing numbers of emerging markets included in the "extreme" and "very high" risk categories. Three leading world economies become fragile. China penalises activity in several Asian countries. Europe facing positive dynamics, but political risk driven by the Brexit must be monitored.Read More
Brazil is in the midst of a perfect storm. The enduring political crisis and deep economic recession, which led to the collapse of confidence indexes, have now been topped by an impeachment trial of President Dilma Rousseff. No significant economic rebound is expected before 2017. Brazil’s economy contracted by 3.8% in 2015 and a further drop in GDP of 3% is expected in 2016.
Global trade credit insurer Coface has named Nicolas Barrandon as Country Manager for its branch office in Canada. Until this appointment, Mr. Barrandon was responsible for the commercial underwriting operations for Coface in the United States and Canada. His duties now will expand to management of all of Coface’s operations in Canada.Read More
Global growth at half-mast (2.7% projected by Coface for 2016), under the impact of the highly volatility financial markets and continuing low oil prices, is compromising the health of industries analysed by Coface. (...)Read More
After five years of sanctions, Iran is finally ready to rejoin the global community. The return of Iran should have an effect on international growth via the oil channel but, above all, will bring huge changes to Iran itself.
The greater export risks faced by German companies are hampering growth performance. As Germany has strong trading ties with the Emerging Market and Developing Economies group (EMs), it is highly exposed to the (...)Read More
Three Risks to Monitor in 2016: Weak Growth, Political Tensions and Company Debt in Emerging Economies
A cautious approach to country risk will be necessary in 2016, since the risks that emerged in 2015 are expected to continue this year. Coface forecasts global growth to remain soft at 2.7%, compared to 2.5% in 2015. At the forefront are the political tensions gaining ground in both advanced and emerging countries.Read More
As a result of catastrophic flooding, the Illinois Insurance Department published Company Bulletin 2015-13 (Revised 1/6/16) entitled “Suspension of Cancellation, Non-renewal and Premium Payments” which applies to affected persons in the counties of Alexander, Cass, Calhoun, Christian, Clinton, Cumberland, Douglas, Iroquois, Jackson, Jersey, Lawrence, Madison, Marion, Menard, Monroe, Morgan, Moultrie, Pike, Randolph, Richland, Sangamon, St. Clair, and Vermillion.Read More
EUROPE’S QUALITATIVE WINE PRODUCTION MODEL IS RESISTING COMPETITION, WHILE SPAIN IS MORE VULNERABLE
• Wine consumption is declining in Europe but rising in the rest of the world
• By 2027, demand will be led by China and the United States
• 60% of wine production and nearly two-thirds of exports emanate from Europe
• Three production models coexist in Europe
• Risks and opportunities for Europe – wine consumption growing in China but increased competition from the new world producers
Coface once again posts an increase in turnover this quarter. In spite of a difficult economic climate in certain emerging markets, we have managed our loss ratio well by applying our expertise in risk management. In doing so, we are pursuing our path of profitable growth while protecting and supporting that of our clients.Read More
Global credit insurer Coface has published a new outlook for Brazil. The country, downgraded to B by Coface in September, has been facing a scenario of economic juggling. The Central Bank’s increase in interest rates, to control inflation, has compromised GDP.Read More
Although photovoltaics only accounts for 5.3% of total electricity consumption in Europe, the sector has benefited from worldwide momentum in favor of "greener" energy consumption. Between 2004 and 2012 European electricity from photovoltaics increased sharply, from 0.7 to 62.4 billion kilowatt-hour (KWh.)Read More
Energy More Risky than Ever; Information and Communication Technologies Improves; Automotive Adjusts
Global credit insurer Coface, in its quarterly review, has revised its risk assessment for three sectors: Automotive in emerging Asia, Information and Communications Technologies (ICT), and Energy in all regions. Despite the difficulties of the oil industry, North America remains the least risky region overall.Read More
This map gives you a global overview of country risk assessments. Coface's methodology in assessing country risk uses macroeconomic expertise, comprehension of the business environment and microeconomic data collected over 70 years of payment experience.Read More
• Sharp decline in oil prices reveals the importance of economic diversification
• Countries with fewer financial buffers, such as Bahrain and Oman, are experiencing problems related to low growth performance
• Saudi Arabia and UAE are less impacted by declining oil prices as strategies are underway to promote non-oil trade
• Private consumption and government efforts to support sustainable economic growth mean outlook is still positive for GCC countries
• GCC countries projected to grow by 3.4% in 2015 and 3.7% in 2016
Global credit insurer Coface’s latest economic Panorama focuses on Latin America. Growth in the region has been slowing since 2011. This lackluster situation, caused by weak domestic fundamentals, has been exacerbated by cyclical factors since the second half of 2014. In 2015 Coface notes a further deterioration of the downward trend, with regional GDP expected to contract by 0.2%. It will be the first recession since 2009, when activity shrunk by 1.4% due to the subprime crisis.Read More
Company insolvencies in Western Europe: a drop of 7% expected in 2015 but the situation is contrasted
Company insolvencies in Western Europe have experienced two successive storms. The subprime crisis, which made insolvencies jump by an average of +11% in the twelve countries studied, was unsurprisingly followed by further shock waves, with increases of 8% in 2012 and 5% in 2013. Today the skies have begun to clear. The average drop of 9% observed in 2014 will continue with -7% in 2015. While insolvencies continue to increase in Italy and Norway, we are seeing the positive impact of the timid recovery in the eurozone in ten other countries (Germany, Belgium, Denmark, Finland, France, the Netherlands, Portugal, United Kingdom, Spain and Sweden).Read More
Coface North America Insurance Company, part of the global Coface Group, has named Salvatore Garry as Regional Director for Coface Global Solutions in North America. In this role, Mr. Garry will be responsible for the continuation of growth through client retention and new business of the multinational segment together with the dedicated Coface Global Solutions Team.Read More
H1-2015 results: Coface posts a profit of EUR 66 million in spite of an increase in claims in emerging countries
Since the end of last year, at the occasion of our periodic results publications, we have noted weaknesses affecting the macro-economic environment. The first half of this year confirms this trend, and it was marked by an increase in the frequency of claims, in particular in emerging markets. Given this context, we are publishing good quality half-year results. The Group thus confirms the robustness of its business model: product innovation and multi-channel distribution, while controlling risks and costs.Read More
The CEE automotive sector is highly dependent on foreign investments - but there are positive dynamics in domestic demand
The CEE region has become an attractive destination for investments by global car manufacturers. In 2014, 3.6 million vehicles were produced in Eastern Europe, equating to 21% of total EU production. In the CEE countries covered by Coface´s analysis there are 33 car factories, most of which were created by foreign direct investment (FDI) inflows. The analysis shows that despite high dynamics of car sales generated by local clients recently, CEE factories remain highly dependent on foreign demand.Read More
This map gives you a global overview of country risk assessments. Coface's methodology in assessing country risk uses macroeconomic expertise, comprehension of the business environment and microeconomic data collected over 70 years of payment experience.Read More
Global credit insurer Coface, in its quarterly country risk Panorama, has lowered the growth forecast of emerging countries to 4% for 2015, compared to 4.2% in March 2015. The outlook for developed economies has improved to a 2% growth forecast for 2015 and 2016, up from 1.5%.Read More
Coface Panorama on Sub-Saharan Africa:Three East African Economies Are Sheltered from the Economic Storm
Global credit insurer Coface recently reviewed the economic situation in 45 African countries, finding 13 growing economies despite the fall in world commodity prices, and three economies that have the ingredients needed for dynamic growth in both the short and long-term.Read More
In May 2015, the IMF highlighted India as “one of the bright spots in the global economy,” mainly due to more effective policies and the end of political uncertainty. A Coface report on India forecasts the country’s GDP growth to reach 7.5%. But to what extent have Modi’s reforms contributed to the recent pickup in growth? Are the improvements in the economy without risks?Read More
Turkey Panorama: After a decade of well-implemented reforms and high growth rates, the Turkish economy struggles to maintain the same performanceRead More
Coface Insolvency Monitor for Central and Eastern Europe: Improved Economics but Corporate Challenges Remain
CEE’s improved economic activity in 2014 resulted in a minor drop of -0.5% in company insolvencies.
Insolvencies rose in Slovenia and Hungary and decreased significantly in Serbia and Romania.
Coface forecasts that insolvencies will fall by - 6% in 2015.
Coface’s annual survey on Asia-Pacific region questioned 2,695 companies in eight economies. Seventy percent of the companies surveyed experienced overdues in 2014, the highest level in three years. In addition, 37% of the respondents reported that overdue amounts increased in 2014, up by 2% compared with the previous year. Companies in China, India, Hong Kong and Thailand are particularly affected.
The recent drop in the price of oil has had repercussions for company credit risk around the world. Among the 14 sectors reviewed in its most recent Panorama, global credit insurer Coface has identified one big winner and one big loser.Read More
The bail-out for the US automotive industry, at a cost of $80 billion and large-scale layoffs, traumatized the United States. Automobile manufacturers have regained their competitiveness and are benefiting from the upturn in US economic growth, which is forecast at 2.9% in 2015. The industry has recovered and demand is being driven partly by easier access to credit, but at what price?Read More
More than three years after the official recovery, advanced economies are struggling to return to a path of sustained growth, according to a study by global credit insurer Coface. Some are even facing stagnant growth. But not all advanced economies are in the same position when it comes to this risk of long-term stagnation and some exceptions stand out in what is a fragile global landscape. Which of the OECD’s advanced economies have what it takes to accelerate their growth over the next decade?Read More
Coface Country Risk Update: Belgium and Netherlands Upgraded, Brazil on Negative Watch, Business Environment in Russia Downgraded
Improvements in country risk are increasingly apparent in advanced countries, where growth is expected to rise 2.1% in 2015 according to a new country risk Panorama by global credit insurer Coface. The Eurozone records two positive changes with upgrades for the Netherlands and Belgium. The outlook varies widely for emerging countries, however, as Coface revises its growth forecast downward to 4.2%. Brazil and Ecuador have been placed under negative watch while the business environment assessment for Russia has been downgraded.Read More
A new Coface survey on corporate credit risk management in China reveals that eight out of 10 corporates experienced overdue payments in 2014. Coface, a leading global credit insurance group, forecasts that GDP growth will slow down to 7% in 2015 (vs 7.4% in 2014.) As corporates are still facing the challenges of high debt levels, the high cost of financing and low profitability driven by overcapacity, Coface expects that non-payments will not improve in the short term.Read More
According to the latest economic Panorama publication from global credit insurer Coface, GDP Growth should improve in Latin America in 2015 by 2.3%. Despite the better outlook, this rate is still considered weak, mainly due to the stagflation scenario in Brazil. Brazil represents a large part of Latin America´s activity and its economy is not likely to pick up - at least in the short term.Read More
Coface today announced the appointment of Juan Saborido as Regional Manager North America, effective April 1, 2015. Juan, currently Deputy Regional Manager, takes over from Michael Ferrante, who will retire at the end of March.Read More
Trade credit insurance allows exporters to offer competitive terms of sale without insisting on up-front cash or receiving cumbersome and time-consuming letters of credit. Credit insurance protects accounts receivable against customers who can’t pay due to insolvency, political risk, exchange-rate fluctuations and a host of other factors. Policies are available from private-sector credit insurers such as Atradius and Coface as well as from Ex-Im.Read More
We are pleased to publish full-year results in line with our expectations. Our innovative product offering, appropriate distribution channels, extensive international presence and prudent risk management have all contributed to the significant improvement in our results.Read More
According to global credit insurer Coface, the global economy is on the path of gradual recovery. Global growth, while less vigorous than before the 2008 crisis, continues to follow a moderately accelerating trend. Slight improvements are expected both in advanced countries and in emerging countries.Read More
Global credit insurer Coface reports in its latest economic Panorama that economic activity is gaining strength in the Middle East and North Africa region. Growth is expected to stand at 2.6% in 2014 and accelerate to 3.2% in 2015 on the back of global economic recovery and preliminary signs of political consensus in some countries of the region. However, growth rates will remain below the 2000-2010 average of 5.4%.Read More
Turkey Panorama: Depreciation in exchange rates and sluggish domestic demand affect corporate payment performance
Global credit insurer Coface focuses on in its latest economic Panorama. The currency depre-ciation, which stabilized after Central Bank intervention in January 2014, continues to nega-tively affect company balance sheets. Credit restriction measures introduced at the same time to contain the current accounts deficit have slowed down domestic demand. In line with these developments, Coface has noted impairments in the payment capacities of sectors with pro-duction and sales concentrated predominantly on the domestic market.Read More
Three decades ago, Latin America was associated with negative terms such as ‘dictatorship’, ‘debt crises’ and ‘high inflation’. Over the years, the region has begun to be associated with economic growth, the new middle class, poverty reduction and controlled inflation.Read More
In a context of slow inflation (“low-flation”) and flat growth, France is in danger of not being able to escape the vicious circle of falling prices. It is possible that France, without going to the extremes of US Great Depression, could experience a lengthy period of price and growth stagnation, such as happened in Japan between 1990 and 2010. If so, what would it mean for the French economy and its companies?Read More
Coface Sector Panorama: North American Chemicals, Transportation and Textiles/Chemicals Industries Now “Low Risk”
In its most recent Panorama economic publication, global credit insurer Coface reviews 14 key sectors in North America, Emerging Asia and Europe. The Panorama also takes a detailed look at the pharmaceuticals industry in Europe.Read More
In its most recent Panorama economic publication, global credit insurer Coface reviews 14 key sectors in North America, Emerging Asia and Europe. The Panorama also takes a detailed look at the European airlines industry.Read More
Coface, a world-leading credit insurer, is enriching its offer in Serbia through a local partnership with Axa. In addition to debt collection and business information services, Serbian companies can now benefit from Coface’s longstanding expertise in credit insurance and its international footprint.Read More
- External deficit expected to narrow in 2014, in line with slower growth
- Inflation above the Central Bank’s year-end target, due to the lira’s depreciation and high food prices
- Political risks to be monitored in the period ahead
- Global deterioration of risks, except externally-oriented industrial sectors
Improvement in Western Europe and the "New" Emerging Economies
In its latest country risk Panorama, global credit insurer Coface forecasts the acceleration in global growth to 3% in 2014 and 3.3% in 2015, up from 2.6% in 2013. As a result, Coface has upgraded the country risk assessments of Germany, Austria, United Kingdom, Spain, Kenya, Sri Lanka, Nigeria and Rwanda. In the only negative action, the positive watch on Latvia’s rating was removed.
AM Best Video: Interviews from Country Risk Meeting
AM Best was on hand to interview participants at the New York Country Risk Meeting. Click on the picture above or the link below to view the 5 minute video segment.
Coface Sector Review: Credit Risk Stabilizes in Europe and North America but Concerns Linger in AsiaRead More
A new country risk outlook by global credit insurer Coface notes an upturn in growth for the advanced economies (1.9% forecast for 2014 versus 1.2% in 2013.) As a result, Coface has positively adjusted country risk assessment for the United States to A1 and the United Kingdom to A3 positive watch. The level of risk has increased in the major emerging economies, however. The assessments for Brazil, Ghana, Russia, Thailand, Turkey and Venezuela have been either downgraded or placed on negative watch.Read More
Coface’s survey of corporate credit risk management in China, carried out in the fourth quarter of 2013, revealed that 8 out of 10 companies in China experienced overdue payments in 2013. The chemical, industrial machinery and household electric and electronic appliances sectors are at higher risk. Since credit facilities will remain tight in 2014, a deterioration in corporate payments could lead to a significant ripple effect in China’s shadow banking market.Read More
Agents and brokers who are not selling trade credit insurance – also known as receivables insurance – are missing huge opportunities but also opening themselves up to errors and omission (E&O) exposures, according to trade credit insurance experts.Read More
Stable growth but risk of rising cost of funds and sector overcapacities.
Real GDP growth in China in 2014 will remain stable but slow slightly to 7.2%, according to global credit insurer Coface’s latest economic Panorama. The government’s lower GDP growth target for the year reflects an intention to accelerate reform efforts. Exports and investment are expected to improve in light of the global recovery.
Country Risk Update: Favorable risk trends in advanced economies in 2014 but persistent tensions in large emerging countriesRead More
In the News: Risk Management: Regional and Sector Risk Trending Down: Report - International TreasurerRead More
Coface Sector Review: Credit Risk Eases for Automotive and Retail in North America, and the Services Industry in Asia
In its most recent Panorama economic publication, global credit insurer Coface reviews 14 key sectors in North America, Emerging Asia and the European Union. Coface’s sector analysis is based on a unique indicator, developed by Coface economists and reflecting the payment experience of companies reviewed by its underwriters. The Panorama also takes a detailed look at the textiles industry in Europe.
After having slowed for three years in a row, global GDP growth is likely to pick up in 2014: we expect it to stand at 3.1% (versus 2.5% in 2013). The upward trend will be mainly driven by the recovery in the euro zone and higher growth in the United States.
The growth potential in Asia remains high, driven by the middle class. Malaysia, South Korea, Singapore and Thailand: household debt similar to that of the United States at the time of the subprime crisis.Read More
Coface is optimistic about business risks in the United States and concerned about those of emerging countries such as Brazil and ThailandRead More
The archetypal emerging country, Brazil passed the test of the great crisis of 2009 with flying colours. Four years on, social protests have begun to highlight the failure of its growth model. While inequality is on the decline, it remains significant. Because of a tight labour market and major gaps in infrastructure, the infamous "Brazil cost" has placed a heavy burden on business performance.Read More
Coface has noted an improvement in a number of advanced economies : Japan, Iceland, and Ireland. On the other hand, the contraction in activity, financial problems and above all growing political and social pressures are increasing risk in South Africa and TunisiaRead More
Coface launches its new corporate website, a tool to help companies prevent commercial risks and protect their transactionsRead More
A new quarterly publication of Coface, focuses on the sector risks in the world. The world economy is analysed by means of 14 business sectors in three large regions: emerging Asia, North America and the European Union. The analysis uses three original indicators – strength of turnover, financial robustness and credit risk – developed by Coface economists and drawn from the payment experience of companies observed and analysed by Coface underwriters.Read More
The disturbing trend, observed during autumn 2012 about French company insolvencies, urged Coface economists to question themselves about the reasons which explain German companies’ resistance to the crisis.Read More