News
Unpaid bills pile pressure on European firms
Despite signs of economic recovery across the eurozone, newly-published data suggests that the region’s record unemployment is being partly fueled by a rise in bad debts facing companies.
The data has been published by credit managers Intrum Justitia as part of their annual European Payment Index (EPI), which surveys thousands of companies.
Bad debts – bills or invoices that are written off due to late or non-payment – have grown from 3 per cent of annual revenues in 2013 to to 3.1 percent this year, according to the firms surveyed .
The EPI equates this loss in revenue to the cost of 8 million jobs.