Euler Hermes reduces Greece importer cover

Credit insurer Euler Hermes has announced that it will not cover any new shipments to Greece until further notice.

The insurer said that shipments already made remain insured and that if the situation improves, the company will reconsider its decision. In a statement it said: “Euler Hermes’ central scenario is that Greece will remain in the Euro zone.

However, due to the recent economic developments and political uncertainties, exporting to Greece has become significantly more risky. Therefore, Euler Hermes decided to reduce its export cover on Greece in order to protect its clients.”