‘No reason to panic’: Commerzbank CEO states loan providers are better organized to offer with financial loan defaults

Crucial Points

“The German economic climate is facing a tough time in advance of us thanks to the Ukraine conflict, China, source chain challenges and the power disaster,” Commerzbank CEO Manfred Knof advised CNBC on Thursday.
“Most likely the German overall economy is heading into a downward [trajectory] and possibly into a economic downturn but the excellent information is there no cause to worry,” he included.
Fears of a economic downturn have been exacerbated amid the likelihood of a winter gas scarcity in Europe.

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