1,000 companies going bankrupt in Italy every day as country faces full-scale ‘credit emergency

Italy’s industry chiefs have warned that the country faces a “full credit emergency” as thousands of companies run out of critical funding, threatening a slide into deeper depression.

Confindustria, the business federation, said that 29% of Italian firms cannot meet “operational expenses” and are starved of liquidity. It said that a “third phase of the credit crunch” is under way that matches the shocks in 2008-09 and again in 2011.