EU takes Greece off the credit ‘blacklist’

The European Commission on Tuesday announced its decision to return Greece on the list of "marketable risk" countries for short-term export credit insurance, following the successful completion of its fiscal adjustment program in August 2018 and the continuing implementation of reforms.

The European Commission said its decision will be activated on January 1, 2020, and will mean that "short-term export credit risks towards Greece will be considered as marketable to be covered by private insurers.”

Greece’s Foreign Ministry responded to the decision in a statement, saying the EU Commission gives a strong message of trust in the Greek economy and will have positive repercussions on the real economy and that it will create equal playing field for Greek companies with their European counterparts in the critical field of transactions abroad.

Greece was removed from the list in 2013, the Commission said, and "the most recent amendment [prolonging the decision] expires at the end of 2019."

The inclusion of Greece back on the list was taken after consultation with EU member states, private credit insurers and other parties to submit comments, the Commission explained, adding that the decision "is another indication of Greece's continued normalisation and builds on the progress that has been made since the conclusion of the programme."