Euler Hermes Cuts Credit Insurance For Greece, Spain - Report
April 13 2012 - 2:42AM
Dow Jones News
Credit insurance provider Euler Hermes SA (ELE.FR) has reduced
the volume of insurance it sells for the protection of companies
from defaults of their Greek and Spanish customers in the wake of
the euro-zone crisis, Management Board Chairman Wilfried Verstraete
said, according to a report published Friday in Frankfurter
Allgemeine Zeitung.
French Euler Hermes, in which Germany's Allianz SE (ALV.XE) has
a majority stake, has cut the volume of insurance for deliveries to
Greek and Spanish companies by half and 20%, respectively,
according to the German newspaper.
Euler Hermes is "relatively pessimistic for Spain and Portugal"
and "relatively optimistic for Italy," Verstraete is quoted as
saying. The Spanish economy is much less diversified than the
Italian and the indebtedness of Spain's private households is very
high whereas it is quite low in Italy, he noted.
Newspaper website: http://www.faz.net
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.