Dominique Boudier, who runs a printing business outside Paris, received a letter from a key supplier a week ago that her €20 million credit line was being cut in half, effective immediately. When Boudier picked up the phone to find out why, she was told that the supplier's credit insurance company had ordered the clampdown. On Monday, Boudier's main supplier followed suit, effectively paralyzing her business. "We can't do our job and it has nothing to do with order books," Boudier said. "Clients pay on average with a 60 day delay. We just haven't got the cash-flow to pay our suppliers immediately." Boudier has pleaded with her bank to make up for the sudden shortfall, to no avail. "We can survive this for a week, or a few weeks," she said, "but beyond that nothing is certain." The credit crunch that had been largely a U.S....
[read full story]
Your Web Site
