Rome

Italy's credit crunch worsened in 2nd quarter, say retailers

Number of firms to get loans drops

Italy's credit crunch worsened in 2nd quarter, say retailers

Rome, August 7 - The credit crunch in recession-hit Italy worsened for shops, tourism and service businesses in the second quarter of this year, retailers association Confcommercio said Wednesday. Confcommercio said the proportion of businesses who had requests for loans granted fell to 26.9% in the second quarter, the lowest level since 2009, compared to 29.6% in the first three months of the year. The association said the problem was particularly bad for small businesses and those in central and southern Italy. Companies having trouble accessing credit is seen by economists as a factor that is making it hard for Italy to emerge from its longest recession in over 20 years.

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