Rome

Small and medium-sized firms' profits hit hard says ECB

Record plunge between October 2012 and March 2013

Small and medium-sized firms' profits hit hard says ECB

Rome, April 26 - Profits of small and medium-sized enterprises (SMEs) in Italy and Spain have been hit hard by the credit crunch, the European Central Bank (ECB) said Friday. The two countries' SMEs saw their profits plunge more than any eurozone member between October 2012 and March 2013, it said. Italian banks are lending less than others in the bloc, worsening Italy's recession, it said.

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