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Germany sees company bankruptcies soar

The number of corporate bankruptcies in Germany has risen sharply, continuing an already upward trend. A tough financial climate impacted by global events is believed to have irreparably damaged many firms.

Experts think the number of corporate insolvencies in Germany will increase to about 20,000 cases this year as part of a longer-term pattern. Exports from Germany last appeared to accelerate in figures released on Friday, boosting hopes that Europe's largest economy has emerged from a downturn. However, Carsten Brzeski, the chief economist of Dutch bank ING in Germany, described the figures as "another cold shower for optimists."

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