Skip to content
Subscriber Only

Greece Risks Trade Constraints as Insurers Cut Export Coverage

Euler Hermes SA, the world’s biggest credit insurer, said it will no longer cover new shipments of goods to Greece because of the risks of the nation leaving the euro currency and customers defaulting on payments.

The insurer, a unit of Allianz SE, took the decision because exporting to Greece has become “significantly more risky,” Paris-based Euler Hermes said in an e-mailed statement yesterday. The insurer is still working under the assumption Greece will remain in the euro zone, it said.