Germany lets export guarantee cap for Turkey trade expire: report

BERLIN (Reuters) – The German government has let a cap it imposed in 2017 on the amount of Hermes export guarantees it provides for trade with Turkey at 1.5 billion euros ($1.76 billion) expire, a German newspaper reported on Saturday.

The Hermes guarantee scheme provides German government protection for German companies when foreign debtors fail to pay.

Newspaper Frankfurter Allgemeine Zeitung said, without citing its source, that the cap would not be extended for the current year.

The German Economy Ministry was not immediately available for comment.

A two-year state of emergency imposed after Turkey’s failed 2016 coup ended on Thursday but President Tayyip Erdogan’s opponents say his new executive presidency and a draft anti-terrorism law leave him with sweeping powers to stifle dissent.

Erdogan’s crackdown on opponents following the failed coup soured ties between Ankara and Berlin.

($1 = 0.8534 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.