Corporate insolvencies: Why does this crisis differ from 2009?

The rise in corporate insolvencies has concentrated in the eurozone, with +16% in 2012 and +21% in 2013 according to our estimates. While industry was the most severely affected by the

rise in insolvencies in 2009, construction (+12.9% since 2010) and services (+13.5%) have suffered the most from the withdrawal of subsidies and from their procyclical nature. The current crisis therefore differs

from that in 2009 by the victims it has created. The services sector (two-thirds of insolvencies in Europe) comprises the largest number of countries where insolvencies have soared (frequency). The

construction sector comprises the highest increases (severity).