Germany says no more credit guarantees for nuclear exports

Source: Reuters

Germany's government has decided to stop issuing credit guarantees for exports of equipment used for nuclear power generation because the risks to public safety are too great, the Economy Ministry said on Thursday.

The guarantees offer security to exporters and banks who do business in emerging markets where there is a risk of non-payment.

For years, critics have called for a halt to Germany's so-called Hermes guarantees for nuclear exports, such as those used in atomic plants in Brazil. China and India also want new nuclear plants to help fulfil their energy needs.

"Germany has moved away from nuclear energy because it is linked to significant, uncontrollable risks. These risks exist in equal measure abroad," Economy Minister Sigmar Gabriel said.

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