Markets for distress: will the EU’s Non-Performing Loans strategy worsen the Covid19 social crisis?
After Covid19, huge numbers of households and companies are expected to have loan payment difficulties, aggravating the socially disastrous effects of the crisis and putting a serious strain on the recovery. The EU’s plans to tackle this problem are flawed and misled by the neoliberal belief that markets and financial engineering can fix this deep socio-economic problem.