July 21, 2018 / 3:11 PM / a year ago

Germany lets export guarantee cap for Turkey trade expire: report

BERLIN (Reuters) - The German government has let a cap it imposed in 2017 on the amount of Hermes export guarantees it provides for trade with Turkey at 1.5 billion euros ($1.76 billion) expire, a German newspaper reported on Saturday.

The Hermes guarantee scheme provides German government protection for German companies when foreign debtors fail to pay.

Newspaper Frankfurter Allgemeine Zeitung said, without citing its source, that the cap would not be extended for the current year.

The German Economy Ministry was not immediately available for comment.

A two-year state of emergency imposed after Turkey’s failed 2016 coup ended on Thursday but President Tayyip Erdogan’s opponents say his new executive presidency and a draft anti-terrorism law leave him with sweeping powers to stifle dissent.

Erdogan’s crackdown on opponents following the failed coup soured ties between Ankara and Berlin.

($1 = 0.8534 euros)

Reporting by Michelle Martin; Editing by Andrew Bolton

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