German insolvencies hit new record

18th March 2004, Comments 0 comments

18 March 2004, FRANKFURT - Germany's stumbling economy, with high unemployment and job losses, took its toll on both businesses and private households in 2003, with insolvencies surging 19 per cent to 101,000, officials reported Thursday. At a press conference in Frankfurt, the Federal Statistics Office released figures showing that company bankruptcies, at 39,300, were up by 4.6 percent. But insolvencies among private consumers exploded by 57 percent to 34,000, the office said. The trend is expected to co

18 March 2004

FRANKFURT - Germany's stumbling economy, with high unemployment and job losses, took its toll on both businesses and private households in 2003, with insolvencies surging 19 per cent to 101,000, officials reported Thursday.

At a press conference in Frankfurt, the Federal Statistics Office released figures showing that company bankruptcies, at 39,300, were up by 4.6 percent.

But insolvencies among private consumers exploded by 57 percent to 34,000, the office said.

The trend is expected to continue, given some 3 million households which were deemed to be too deeply in debt, the office warned.

Further details were expected as office president Johann Hahlen, along with other experts at the Wiesbaden-based office were due to discuss the 2003 insolvency developments at the Frankfurt press club.

 

DPA

Subject: German News

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