Greece: The EU Commission’s exemption concerning short-term cover will expire on 31 December 2019

German exporter will no longer be able to obtain cover for short-term trade receivables from buyers in Greece under Federal export credit guarantees as of 1 January 2020. The exemption granted by the EU Commission will expire at the end of 2019.

Since 1997, the insurance of “marketable risks”, i.e. export transactions on short credit terms in EU member states and OECD core countries, has been reserved exclusively to private credit insurers. The principle of subsidiarity applies, which means that state export credit cover is offered only in market segments where facilities made available by private insurers are insufficient. The EU Commission has come to the conclusion that sufficient private sector insurance facilities will be available again for Greece in 2020.