The corporate treasurer of one of Europe’s largest companies lets out a long sigh: “We are working very, very long days. These are as tough times as anybody here can remember.”

Refinancing of debt has become one of the biggest worries of companies across continental Europe and the UK. Companies most reliant on short-term financing find themselves squeezed while those who took a conservative stance are reaping the rewards. “The liquidity crunch is a real challenge for companies in the real economy,” says the treasurer of another large European group who did not want to be named.