Restructuring Secured COVID Loans: Mission Impossible

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The COVID-19 pandemic did not just put health care into crisis but also tremendously impacted our economy, with effects that are bound to last well after the pandemic is over.

Small, medium, and large enterprises all ran for cover and enjoyed state-backed loans (in line with the European Commission position regarding the State Aid Temporary Framework).

The last two years have been marked by a race to guarantees. In 2020, secured bank loans, deriving from the latest state aid legislation, amounted to around 240 billion euros.

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