The European Commission responded affirmatively to the request Greece submitted in September 2019 for re-inclusion in the list of ‘marketable risk’ countries for export credit insurance, reversing the status in effect since 2012.
This puts Greek enterprises on equal terms with European businesses in the critical field of international transactions, and it is yet another sign that the Greek economy is regaining its credibility. The unfavourable terms many enterprises faced during the years of the crisis are coming to an end. SMEs, for example, had to pay the cost of raw materials up front, which deprived them of liquidity and made them less competitive.
Greece’s insertion in the list of ‘marketable risk’ countries was supported by major organizations of the economy, including the Hellenic Federation of Enterprises (SEV), the Panhellenic Exporters Association, the Greek International Business Association (SEVE) and the Bank of Greece, and our country had made unsuccessful requests for re-insertion in the list in the past.
The Greek position was supported on the EU level by the Deputy Minister for Economic Diplomacy and Openness, Kostas Fragogiannis, and the Secretary General for International Economic Relations and Openness, Grigoris Dimitriadis, in collaboration with Greece’s Permanent Representation in Brussels.
Today’s decision from the Commission to return Greece to the list of marketable risk countries is a powerful message of confidence in the Greek economy and will have a favourable impact on the real economy.
“Our exit from the special status is yet another step in the normalisation of the Greek economy and an optimistic message for the economy, facilitating the operations of Greek enterprises,” the Secretary General for Openness, Grigoris Dimitriadis, stated. “The goal of openness,” he added, “requires strong enterprises that operate on equal terms in all fields.”
European Commission announcement:
https://ec.europa.eu/commission/presscorner/detail/en/MEX_19_6354
November 26, 2019