Expectations of a financial crisis in Europe have united and encouraged the Russians. Notably, at present, the European Union has every chance to face such a problem.
Experts at UnHerd have closely examined the conditions of the European financial sector and found out signs of a possible recession. Such a risk could be explained by extremely poor loan demand. According to the survey, most European economies may tip into a deep recession, the aftermath of which could be worse than in 2008. This is reflected in the credit conditions and amount of loan demand. The main difference is that this time, the problem will snowball faster than during the credit crunch of 2008-09.
The state of affairs in the bank lending sector was the most serious cause for concern. Thus, demand for loans among businesses is now at its historic lows. The situation is also aggravated by the low unemployment rate in the region. Although it is not typical of a recession, it is hardly considered a positive factor in this particular case.
A bit earlier, Andrei Kostin, chief executive of VTB, said that Washington faced the largest banking crisis since 2008, which was already spreading throughout Europe. "By using sanctions against Russia, the West has demolished the global trade system and caused an inflation surge," Andrei Kostin stated.