The credit crunch in Europe worsened over the summer as corporate bond finance issuance failed to plug the gap left by a sharp contraction of bank lending.
Net lending by banks went further into negative territory in July as companies paid back more loans than they took out new ones.
Loans outstanding contracted by a net €25bn ($36bn) in the month, the fifth successive month of an increasing shrinkage of supply. At the same time, there was a retreat in the recent record corporate bond issuance.
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