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1. Name three countries where you would prefer not to use a letter of credit for...

1. Name three countries where you would prefer not to use a letter of credit for transactions. Why did you select those countries?

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Answer #1

Issuance of a letter of credit means a letter issued by a bank giving a guarantee to pay the buyer’s payment to the seller, if in case buyer doesn’t pay then the bank will be paying the amount due to the seller. While issuing letter of credit bank takes up the obligation to pay the amount agreed as per contract.

Countries: Venezuela, Mozambique and Haiti

The three countries are selected with a doubt of fulfilling the letter of credit as they are on the verge of bankruptcy or have poor credit rating.

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