Representatives of the U.S. and French export-credit agencies gave no sign of pulling back on their support for their domestic rocket and satellite builders despite ongoing concerns by private-sector bankers that the agencies are funding projects that cannot survive. The allegation that export-credit agency (ECA) low-interest financing stimulates projects of dubious long-term solvency is not new. But it has assumed a new relevance with the spate of emerging-market nations using ECA support for telecommunications satellite systems whose national markets raise questions of their survivability.
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