”Greek economy continues to face a difficult period, with an outlook of – 0.3% economic contraction for this year, and the European Commission is expecting the private insurers for export loans to continue to be extremely cautious in terms of insuring the exports to Greece. Thus, the Commission has decided to extend the period in which the state insurers can provide such services, allowing EximBank to continue to provide the Romanian exporters with state insurance policies for the commercial contracts with Greek counterparts under low risk conditions,” said Traian Halalai, Executive President of EximBank.
The insurance policy for short term risks for non-market and temporary non-market risks provided by EximBank is covering the deliveries with a payment term up to 2 years for debtors in non-EU and non-OECD countries (and temporarily for Greek debtors) and provides the security of cashing 85% of the exported value. The insurance policy is issued in the currency of the contract and is tailored for each client.
Starting with 2014, when Greece was excluded from the list of marketable risks countries, and until June 2016, Romanian exporters have requested and benefited from state insurance policies issued by EximBank for a total export value of approximately EUR12 million.
European regulations do not allow state insurers to provide insurance services for export credits for short term private marketable risks. The countries with private marketable risks are all EU member states, except for Greece, as well as Australia, Canada, Island, Japan, New Zeeland, Norway, Switzerland and United States of America.