France and Germany have historically worked together as the motor of European integration. Hence it was thought by some commentators that a recent meeting between President Sarkozy and Chancellor Merkel might address the ongoing economic crisis in the Euro zone. However, growth has been anaemic in both France and Germany in the second quarter of this year and there is reluctance in Germany to subsidise the spending of other states. The proposals they discussed were widely judged to be insufficient to deal with the potential for future crises in peripheral European economies.
The European mainland is obviously a major market for British companies. With consumer demand weak at home, there were hopes that the UK recovery could be export-led. However, continuing economic difficulties associated with sovereign debt have meant that austerity policies are being pursued in countries like Italy and Greece. So far, the likes of France and Germany have not acted in a comprehensive fashion to tackle the root causes of the problems.
At Cooper Matthews we are conscious of the fact that the imbalances of the global economy can have a profound effect on the fortunes of British companies. Volatile stock markets or lacklustre growth abroad can both spell serious trouble for an industrious enterprise. If a firm is in difficulty, directors should seek out business debt services before it is too late.
Whether one is a policymaker or a director, it is all too easy to delay. Unfortunately, waiting for something positive to occur is not a good strategy. When dealing with business debt, prompt action can be the difference between survival and failure. The sooner an experience insolvency practitioner assesses the situation the better.
It is also the case that negative thinking should be avoided during difficult times. Many business people have gone on to be highly successful after a company debt rescue.
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