It’s a rough ride for Spanish firms in the liquidity trap | Oct 9, 2020 at 2:00 AM
  • Brother and sister Juan and Dolores Balsa applied for emergency state loans in April to keep their funfair business in the northern Spanish city of Coruna afloat despite having to shut because of the pandemic.
  • Spanish companies have taken 102 billion euros of emergency loans compared with 70 billion by their German counterparts.
  • In Spain, such support is all the more pressing because small companies make up a huge 95% of the economy and typically have less access to long-term finance than larger firms – a fact the IMF has identified as a vulnerability for the economy.