The European Commission decided on Tuesday 26 November to insert Greece back into the list of ‘marketable risk' countries for short-term export credit insurance, as from 1 January 2020.
According to the 2012 Short-term export credit Communication, which has been in force since 2013, trade within EU countries and certain non-EU countries with a maximum risk period of up to two years entails marketable risks and should, in principle, not be insured by the State or State supported insurers.
The Commission decided in 2013 to remove Greece from the list of marketable risk countries and to consider that short-term export credit risks towards Greece temporarily ‘non-marketable'. This decision was prolonged several times and the most recent amendment expires at the end of 2019.
In light of the results of a public consultation and taking into account relevant economic indicators (Greek sovereign ratings and corporate sector performance), the Commission has decided to insert Greece back into the list of marketable risk countries. This means that from 1 January 2020, short-term export credit risks towards Greece will be considered as marketable to be covered by private insurers. (Original version in French by Lionel Changeur)