Japanese agency quits underwriting trade insurance for Venezuela.
Global Banking News-July 14, 2015--Japanese agency quits underwriting trade insurance for Venezuela
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Global Banking News - 14 July 2015
Japanese government agency, Nippon Export and Investment Insurance, NEXI, has said that it will stop underwriting new trade insurance for deals with Venezuela.
The move comes because of fears that Venezuela could default on its obligations due to foreign currency shortages because of falling crude oil prices. Japan had earlier suspended trade insurance coverage for Cuba in 2010 due to political reasons.
NEXI provides trade insurance to make up for losses private-sector businesses face when payments for their exports or overseas investments become irrecoverable.
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