Eurozone firms' credit hunger hits record

FRANKFURT AM MAIN: Demand for credit among eurozone firms hit 17-year highs in the coronavirus-stricken second quarter, a European Central Bank survey showed Tuesday, while demand for consumer credit plumbed all-time lows.

Companies' hunger for cash in April-June "reflects the particularly strong emergency liquidity needs of firms" as lockdowns gripped much of the 19-nation single currency bloc, the ECB said based on a survey of 144 banks.

Loan demand and drawing on credit lines by firms in the second quarter reached their "highest net balance since the survey was launched in 2003", the central bank added.