Greece Credit Insurance update
Firms Halt Insurance Over Fears on Greece
Two of the world’s biggest trade insurers said Wednesday they won’t offer new insurance cover for exporters shipping goods to Greece as they find it increasingly difficult to price such cover amid worries that the country may quit the euro zone.
Credit-export insurance ensures that exporters are paid if their client defaults. The loss of such cover is likely to have a major impact on the willingness of companies to trade with Greece, given the country’s deteriorating economy.