Israeli Credit Insurance Company Ltd. (ICIC) recently updated its forecast for Israel's key export markets in Europe and the US and distributed it among its customers. It predicts that these markets will go through a prolonged slowdown.
ICIC believes that 2010 will end with an increase in bankruptcies of companies in Israel's key export markets. ICIC CEO David Milgrom says that even though the forecast does not take into account the possibility that a Western country will default, "There is still real concern of insolvency by a Western country, which will worsen the crisis."
ICIC based its forecast on data provided by one of the company's owners, global credit insurance company Euler Hermes SA (Euronext: ELE).
