{"id":65166,"date":"2023-03-14T06:58:03","date_gmt":"2023-03-14T11:58:03","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65166"},"modified":"2023-03-14T06:58:03","modified_gmt":"2023-03-14T11:58:03","slug":"bankruptcies-soar-across-eu-as-companies-hit-wall-at-fastest-rate-since-records-began-in-2015","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65166","title":{"rendered":"Bankruptcies Soar Across EU, As Companies Hit Wall At Fastest Rate Since Records Began in 2015"},"content":{"rendered":"
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Bankruptcies Soar Across EU, As Companies Hit Wall At Fastest Rate Since Records Began in 2015<\/a><\/h3>\n<\/header>\n
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Legions of European companies are succumbing to the final straw of Europe\u2019s largely self-inflicted energy crisis.\u00a0<\/strong><\/p>\n

Bankruptcy proceedings in the Canary Islands, Spain\u2019s heavily tourism-dependent island chain, soared a whopping 276% year over year in 2022,\u00a0according to<\/a>\u00a0the latest data published by the General Council of the Judiciary (CGPJ) in its report, \u201cThe Effects of the Economic Crisis on Judicial Bodies.\u201d The archipelago also saw the highest rate of dismissal claims in Spain, with around 400 of every 100,000 inhabitants losing their jobs.<\/p>\n

But this trend is not unique to the Canary Islands, nor indeed Spain. It is happening across large swathes of Europe\u2019s economies, as legions of businesses succumb to the final straw of Europe\u2019s largely self-inflicted energy crisis.<\/p>\n

In the EU as a whole the number of bankruptcy declarations initiated by businesses increased substantially (26.8%) quarter-on-quarter in the fourth quarter of 2022, reaching the highest levels on record since Eurostat began collecting EU-wide bankruptcy data in 2015. The number of bankruptcy declarations increased during all four quarters of 2022. As the\u00a0Eurostat<\/a>\u00a0graph below shows, at the current rate of business destruction it won\u2019t be long before businesses are closing at a faster rate than they are opening.<\/p>\n

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This trend, of course, was not hard to foresee. In August 2022, I\u00a0warned<\/a>\u00a0that the EU\u2019s largely self-inflicted energy crisis and resulting inflation is tipping legions of small businesses over the edge:<\/p>\n

After reeling from one crisis to another, Europe\u2019s heavily indebted and deeply debilitated small businesses \u2014 the backbone of the economy \u2014 face the ultimate threat from energy shortages and soaring prices.<\/p><\/blockquote>\n

\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bankruptcies Soar Across EU, As Companies Hit Wall At Fastest Rate Since Records Began in 2015 Legions of European companies are succumbing to the final straw of Europe\u2019s largely self-inflicted energy crisis.\u00a0 Bankruptcy proceedings in the Canary Islands, Spain\u2019s heavily tourism-dependent island chain, soared a whopping 276% year over year in 2022,\u00a0according to\u00a0the latest data […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3903,279,281,284,27230],"class_list":["post-65166","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bankruptcies","tag-eu","tag-europe","tag-european-union","tag-nick-corbishley"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65166"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65166\/revisions"}],"predecessor-version":[{"id":65167,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65166\/revisions\/65167"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}