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Berlin (APA / DPA) – There will be no upper limit this year for state protection of German exports to Turkey. The Ministry of Economic Affairs confirmed Friday evening at the German News Agency (dpa), on request, that the ceiling of the so-called Hermes guarantees to 1.5 billion euros canceled again the ;last year.
These will be incoming applications and intensively on a case-by-case basis, "said a spokeswoman. Previously, the "Frankfurter Allgemeine Zeitung" reported
The Berlin government wanted to put pressure on the government of President Recep Tayyip Erdogan at the height of the German-Turkish crisis last year by capping the guarantees Hermes. Among other things, numerous arrests of German citizens in Turkey for political reasons at the time weighed on bilateral relations. Since the release of German-Turkish journalist Deniz Yücel in February, the situation has been somewhat relaxed.
Hermes guarantees aim to protect German exporters against losses due to non-payment of their foreign trading partners. Turkey is one of the countries for which these guarantees are most widely used. In 2016, more Hermes guarantees were issued only for Russia, Egypt and the United States
The ceiling of last year has not had any noticeable effect because the ceiling was very high. Compared with the previous year, the volume of financial security has even increased by one third to 1.456 billion euros.
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