Most German exporters feel no credit crunch: report

Most German exporters and wholesalers are not experiencing financing problems, a magazine on Sunday reported trade association BGA's chief as saying. The BGA, which represents exporters and wholesalers, surveyed some 1,000 of its member firms and found that three quarters reported their bank had not changed its credit stance despite the financial crisis, Focus magazine reported.
"We cannot say that there is a credit crunch," BGA President Anton Boerner told Focus. Only 4 percent of the firms surveyed had found their credit lines being shortened, the magazine said. However, only about 4 percent were enjoying more favourable interest rates even though the European Central Bank has cut its main rate.