EBRD Covid-19 Response: Financial Restructuring and Insolvency Discussion Paper

The Covid-19 crisis has had a major impact on economic activity around the globe. Unlike the 2008-9 financial crisis, which originated in excessive bank lending, countries are dealing with a global health pandemic that has caused a crisis in the economy and is expected to spread to banks and the financial markets. Economies in the regions covered by the European Bank for Reconstruction and Development (EBRD)2 have experienced numerous political and economic crises before, but there is widespread agreement that the scale of the Covid-19 crisis and its global effects are unique. Many national governments and international organisations, including the EBRD, the European Union, the European Investment Bank, the International Monetary Fund (IMF) and the World Bank Group, have announced Covid-19 emergency financial assistance packages. More