Germany's Top Banking Chief Warns Of Bankruptcy Tsunami Amid Stagflation Threats

"A tsunami of bankruptcies could batter Europe's largest manufacturing hub as stagflation
risks mount due to the conflict in Ukraine and resulting Western sanctions on Russian fossil fuels.

"The energy supply in Germany is at risk, supply chains are breaking down, we have high inflation," said Commerzbank Chief Executive Officer Manfred Knof, who German newspaper Handelsblatt recently quoted.

The threat of stagflation in Germany is elevated as soaring energy prices increase inflation and wreak havoc on businesses. Germany could experience a downturn if an embargo on Russian fossil fuels, such as natural gas, crude, and coal, is enforced." ZH