Although the global credit crunch has shown signs of easing recently, many European companies face a make-or-break year as they struggle with debt levels higher than their US competitors.
With corporate profits evaporating fast, troubles rolling over debt could threaten the very viability of some companies, putting more pressure on recession-hit European economies, economists and business leaders warned.
"We really need to concentrate attention on this ... because at some point we might lack financing and the companies stop (and go) bankrupt," said Ernest-Antoine Seilliere, president of the BusinessEurope employers association.
Although US households are much more heavily indebted than their European counterparts, the same cannot be said of European companies. According to the EU's Eurostat statistics agency, non-financial sector liabilities excluding shares and other equity stood at 128 percent of gross domestic product in the euro area just before the credit crisis reached its worst point last fall.
US Federal Reserve data show that at the same time liabilities of non-farm, non-financial corporate US businesses excluding equity stood at 94 percent of GDP.
"Eurozone corporations have maintained a more robust pace of investment than their US counterparts over the last 10 years," said Bank of America economist Gilles Moec.