Greeks cut off by ship insurer

Tim Wallace
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A SECOND major shipping insurer has stopped selling cover to Greek shipping firms, it emerged yesterday.

French giant Coface has followed the world’s largest trade credit insurer Euler Hermes in suspending cover to the country’s exporters because of the risk of doing business in the debt-laden nation.

Greek development minister Yiannos Stournaras has taken the unusual step of writing to the French finance minister, Pierre Moscovici, to beg Paris to provide cover for goods being sent to Greece, as he fears other insurers will also take action.