Europe's sovereigns may be adding debt, but its companies are shedding it, paying off creditors...

|By:, SA News Editor

Europe's sovereigns may be adding debt, but its companies are shedding it, paying off creditors at the fastest rate in seven years. Liabilities as a percentage of earnings fell 22% last quarter - and, excluding the three months after Lehman Brothers' bankruptcy, valuations in Europe are projected to head to record lows.