European HY: more distress, more opportunities
![Sad worried business man looking at his wallet with money dollar banknotes flying out away](https://assets.euromoneydigital.com/dims4/default/ec8a6a9/2147483647/strip/true/crop/5086x3588+0+0/resize/840x593!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Ff9%2F88%2F42d4641a450088686bfc9aac450a%2Fdistress-alamy.jpg)
Defaults expected to rise as pandemic stimulus is withdrawn
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