That’s not my understanding, EU have said they have to give refunds and not insist on vouchers. BA have to give refunds if asked, can offer refunds in voucher form but cannot enforce it. Just got a refund for my Italian trip from BA. waiting to see about my Florida flight. Unless I have missed an announcement.The EU, in the announcement that allowed the airlines to issue vouchers for future flights, specifically stated that they were doing this because of the high potential for the airlines entering bankruptcy if they did not.
In the US, the government has injected hundreds of millions of dollars into the airlines to keep them afloat and allow them to offer cash refunds.
Sorry this is off topic, but wanted to reply.