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Image header Agence Europe
Europe Daily Bulletin No. 10547
ECONOMY - FINANCE - BUSINESS / (ae) state aid

Two Greek bank bailout systems extended for six months

Brussels, 06/02/2012 (Agence Europe) - On Monday 6 February, the European Commission decided to allow the extension until 30 June 2012 of two aid systems for Greek banks: (1) recapitalisation of Greek banks by the Greek Financial Stability Fund, initially endorsed by the Commission in September 2010, which has capital of €10 billion and will exist until 2017. These bailout loans are used to shore up Greek banks and therefore help them lend on to the real economy; (2) a series of measures (a recapitalisation system, guarantees and a liquidity system) first approved in November 2008. The Commission says that both temporary systems are limited in their scope and will not adversely affect competition. (FG/transl.fl)

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