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Euro zone firms continue to load up on credit as economy reopens: ECB data - Metro US

Euro zone firms continue to load up on credit as economy reopens: ECB data

FILE PHOTO: The outbreak of the coronavirus disease (COVID-19), in Paris

FRANKFURT (Reuters) – Euro zone companies continued to load up on bank credit in August, European Central Bank data showed on Friday, two months after most economies had eased restrictions on economic activity aimed at controlling the coronavirus pandemic.

Bank loans to firms rose by 7.1% year on year, extending a borrowing boom that started in March when large parts of the euro zone’s economy came to a standstill and entrepreneurs were forced to draw from their credit lines to pay their bills.

(Reporting By Francesco Canepa; Editing by Toby Chopra)

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