A serious shortage of natural gas supplies could trigger “a chain reaction with unforeseeable consequences” for the German economy, warned Commerzbank, one of the country’s biggest corporate lenders.
The German bank warned on Wednesday of a “severe recession” in the country if Russia cut off gas supplies, saying it could trigger an economic crisis similar “to the one that occurred after the financial crisis in 2009”.
Commerzbank added that the rationing of gas would then “probably be inevitable”.
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