ATHENS/LONDON, (Reuters) – The decision by trade insurers this week to stop covering exporters shipping to Greece could have “alarming” consequences, exacerbating shortages and pushing up prices for consumers, the country's retail federation said on Friday.
“Insurance companies contribute significantly to the creation of a climate of security and trust in the market,” the ESEE retail lobby said.
“This development has extremely alarming – if not catastrophic – consequences for trade and domestic industry,” it said, adding that imports of raw materials and machinery would be worst affected.
ESEE's warning came as the world's second-biggest trade credit insurer, Atradius, said it too had stopped covering new Greek export shipments due to fears debt-laden Greece could be forced out of the euro.
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