“The Israeli government has no credit exposure to Greece, and is expected to suffer no direct damage following the halt in European Central Bank aid to Greek banks, ” Israel Foreign Trade Risks Insurance Company (ASHRA) CEO Tzahi Malah said today. At the same time, Malah warned, “Greece’s bankruptcy will have consequences for the global economy, and is liable to harm Israeli exports indirectly, while increasing the risk in global markets.”
Malah added, “ASHRA has assigned Greece the highest credit risk rating – 7 – for several years. Following further worsening in the country, however, at this stage, we are calling Greece unrated, and recommending against insuring export deals to it until new information is obtained enabling us to raise its rating. If Greece defaults, ASHRA will continue supporting Israeli exports, and will also consider insuring credit risks in export deals with countries liable to be affected by the crisis in Greece, while taking the necessary precautionary steps.”…
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Published by Globes [online], Israel business news – www.globes-online.com
