WTO warns trade finance 'deteriorating'

The World Trade Organisation warned Wednesday that the financing of global commerce is "deteriorating" amid the financial crisis and the situation is likely to worsen over the coming months. "The market for trade finance has severely deteriorated over the past six months, and particularly since September," WTO Director-General Pascal Lamy told ambassadors of the organisation's 153 members following a meeting with trade experts and bankers.
"The situation is likely to deteriorate further in the months to come," Lamy said. He estimated the shortfall in cash to finance world trade at about 25 billion dollars.