Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.
Factsheet for measure GR-2020-12/2538 – Updated – measures in Greece
|Country||Greece , applies nationwide|
|Time period||Open ended, started on 19 March 2020|
|Context||COVID-19, Restructuring Support Instruments|
|Type||Legislations or other statutory regulations|
Supporting businesses to stay afloat
– Measures related to foreign trade
|Author||Elena Kousta (INE GSEE) and Eurofound|
|Measure added||23 June 2022 (updated 01 April 2023)|
The Export Credit Insurance Organisation (ECIO - ΟΑΕΠ) insures, against commercial and political risks of non-payment, the export credits granted by Greek exporters to foreign buyers who buy Greek products, services, or even projects. ECIO also insures, against political risks, the investments undertaken abroad by Greek entrepreneurs. During the COVID-19 pandemic the greek government announced that Greek exporters can secure the coverage of their invoices at 100% of their value to all customers from the Member States of the EU, and also those from the UK, USA, Canada, Japan, Australia, New Zealand, Switzerland, Norway, and Iceland through ECIO.
The Export Credit Insurance Organisation (ECIO) established by L.1796/1988, is an autonomous legal entity in private law, a non-profit organisation, supervised by the Ministry of Foreign Affairs, while its state guarantee capital amounts to €1.47 billion as of June 2020.
The ECIO implements the following range of five insurance programmes:
During the COVID-19 pandemic the Greek government announced that Greek exporters can secure the coverage of their invoices at 100% of their value to all customers from the Member States of the EU, and also those from the UK, USA, Canada, Japan, Australia, New Zealand, Switzerland, Norway, and Iceland through ECIO. This, approved by the Commission, as part of state aid to affected businesses, includes public short-term export credit insurance for all countries, without each Member State having to prove that the respective country is temporarily 'non-marketable'. Countries in a state of bankruptcy, at war, or affected by force majeure are classified as countries with 'non-marketable risks'. Therefore, any export to the above countries can have a public guarantee, as long as the exporter submits a relevant request to the 'state insurer' (in the case of Greece, the ECIO) to be included in the short-term insurance schemes. It is noted that ECIO already has a short-term insurance scheme. Private insurance companies can also provide short-term insurance of export credits guaranteed by the government if decisions are taken to provide state guarantees to private institutions. Under the interim framework, the measure will be in effect until 31 December 2020; however, the European Commission will assess whether to extend the temporary exemption three months before the end of 2020.
As of 2020, ECIO's value amounts to €1.47 billion; this includes its state guarantee capital.
According to ECIO's management, the programmes are not only an excellent combination of insurance and financing ensuring export credits, but also a solution to the vast problem of liquidity faced by Greek enterprises. On the opposite, according to ECIO's management, the programmes while in operation for several years have not reached the public, resulting in limited disclosure of the organisation's role and work. Additionally, there is still need for attracting new exporters.
|Does not apply to workers||
|Does not apply to citizens|
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
Eurofound (2022), Short-term Export Credit Insurance Scheme, measure GR-2020-12/2538 (measures in Greece), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/GR-2020-12_2538.html
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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.