Slovak Business Alliance: Supply goods to Greece only if paid up front

Exports to Greece have become very risky, with the situation possibly leading to Slovak entrepreneurs seeing invoices unpaid and claims unrecoverable even if the given payments are backed by Greek banks, the Slovak Business Alliance (PAS) warned on Wednesday. The alliance therefore recommends that businesses supply goods and services to Greece or to other countries through Greek firms only if they are paid the entire amount in advance. "Concerning exports from Slovakia to Greece, payment for goods is under threat. This is mainly due to a halt to payments from Greek banks to foreign countries. As regards imports from Greece, there is no problem with payments to Greek accounts." said manager at Slovak Business Alliance Peter Kremský. He further states that Slovak companies should not settle even for partial advance payments. The alliance foresees that the economic situation in Greece will continue to lead to a downturn in bilateral foreign trade.