May 4, 2020 / 12:11 PM / 24 days ago

Spanish companies are better prepared now to cope with COVID-19-Bank of Spain

MADRID, May 4 (Reuters) - Spanish companies are better prepared financially to face the current disruption from the coronavirus outbreak than when the previous global crisis hit though some vulnerabilities persist, the Bank of Spain said on Monday.

“Spanish non-financial companies have in recent years substantially reduced their debt levels, which are now below the European average, and have higher liquidity cushions,” the Spanish central bank said in its financial stability report.

The Bank said that the contraction of the Spanish economy in the second quarter would be “significantly higher” than in the previous quarter when it shrank 5.2%. (Reporting By Jesús Aguado and Emma Pinedo; editing by Inti Landauro and Sonya Dowsett)

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