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February 28, 2013
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Since 1997, small and medium-sized enterprises (SMEs) in Germany have raised their average equity ratio substantially from 6% to 22%, not least as a reaction to more stringent lending requirements by banks. At the same time, SMEs’ dependence on bank loans declined whose share in total assets dropped to just 26% from 37%. Large differences remain between private and public firms. [more]
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