Boris Johnson plans to re-set his government’s agenda with a major speech and a financial statement to prepare the U.K. for the new reality after the coronavirus pandemic, Bloomberg News reported. Amid forecasts of the worst recession in 300 years, Chancellor of the Exchequer Rishi Sunak is drawing up options to bolster the economy after the government withdraws its vast package of financial support in the months ahead, according to people familiar with the matter.

Piraeus Bank, Greece’s largest lender by assets, on Monday reported a first-quarter loss after “frontloading” loan impairment provisions to take into account the impact of the coronavirus crisis, Reuters reported. Piraeus Bank, which is 26.2% owned by the country’s HFSF bank rescue fund, reported a net loss of 232 million euros ($258.08 million) compared with a net profit of 14 million euros in the same period a year earlier.

UK banks are warning that up to half of the £18.5bn of “bounce back” coronavirus loans are unlikely to be repaid and are lobbying the chancellor to prepare for the collapse of hundreds of thousands of small businesses, the Financial Times reported. Three senior bankers estimated between 40 per cent and 50 per cent of the 608,000 borrowers who have accessed the Bounce Back Loan Scheme, or BBLS, could eventually default on the debt as the prospect of a quick economic recovery fades.

The European Union plans to revamp its steel-import restrictions to guard against major market distortions as the bloc’s economy recovers from the effects of the pandemic, Bloomberg News reported. The proposed changes apply to EU import curbs introduced two years ago to prevent a controversial 25% U.S. levy on foreign steel from diverting global shipments to the European market and flooding it.

PizzaExpress is planning to launch a pasta brand to bring in extra revenue amid negotiations over its large debt pile and the possible closure of some of its restaurants, the Financial Times reported. The chain’s owners, Chinese private equity firm Hony Capital, are considering options for its future, including a “company voluntary arrangement”, an administration process that would allow the business to reduce its costs by closing some of its 627 restaurants.

A new insolvency law fast tracked by the UK government as a response to the impact of the Covid-19 pandemic on businesses has prompted confusion and disappointment among restructuring advisers, Reuters reported. The main gripe among advisers centres around the new rules governing declaring a debt moratorium - essentially a repayment holiday - which they say are unworkable for larger companies holding more complex debt structures that include high-yield bonds and bank debt. “The moratorium is an opportunity missed.

Economic sentiment in the euro area rose from a record low after companies started to reopen across the continent following the easing of pandemic restrictions, Bloomberg News reported. A small pickup in the European Commission gauge is consistent with similar reports in recent weeks that suggest the 19-nation region is slowly working its way out of the worst crisis in living memory.

EasyJet will not fly to Italy if Rome prolongs social distancing rules on planes beyond June 15, the budget airline’s chief executive said in a newspaper interview, Reuters reported. “It would be impossible for companies to operate with only a third of the seats sold,” Lundgren was quoted as saying by Corriere della Sera on Thursday.

Struggling companies across Europe including Matalan, Travelodge and Heathrow airport have tapped their banks for €32bn of funds to help stay afloat through turbulence caused by coronavirus lockdowns, the Financial Times reported.  Over the past four months, at least 104 companies that rank below investment grade have drawn down roughly €32.2bn from their loan facilities from global banks, according to data from 9Fin, a fintech data provider that has scraped the filings of European bond issuers. The true figure is likely to be much higher, given that public

Russia’s retail sales plunged the most since records began in the latest sign that the government’s cautious stimulus program has done little to soften the economic blow from the coronavirus lockdown, Bloomberg News reported. Retail sales fell 23% in April, compared with the same period a year ago, Russia’s statistics agency said on Tuesday. The median estimate in a Bloomberg survey had forecast an 18% drop.