The Reichstag building
Photo: AP
Germany slashes credit guarantees for Iran exports
Economy Ministry says government halved volume of new export credit guarantees for trade with Iran last year in a sign Berlin increasing pressure on Tehran over nuclear program
BERLIN - The German government halved the volume of new export credit guarantees for trade with Iran last year, the Economy Ministry said on Monday, in a sign Berlin is increasing pressure on Tehran over its nuclear program.
Islamic Republic
Tehran holds mass rally marking Islamic revolution's 29th anniversary. President vows 'not to retreat one iota' from country's 'nuclear rights'; demonstrators chant 'death to Israel'
The value of new export guarantees approved by the government in 2007 fell to 503.4 million euros ($732.7 million), from 1.16 billion in 2006, a ministry official said.
German firms receive the guarantees for exporting goods to markets considered risky.
The total volume of the so-called Hermes export guarantees fell to 5.2 billion euros last year, from 5.6 billion in 2006.
Germany has traditionally been among the top exporters to Iran, sending 4.1 billion euros of goods in 2006.
The West fears Tehran is secretly seeking an atom bomb. Iran says its nuclear program is only for power generation.
Last month, Germany joined the five permanent UN Security Council members—Britain, the United States, France, Russia and China—in circulating a proposal for a third sanctions resolution against Iran calling for mandatory travel bans, asset freezes and vigilance on all banks in the Islamic Republic.
