Brussels, 06/11/2012 (Agence Europe) - On Tuesday 6 November 2012, the new bank guarantee system introduced in Cyprus to help struggling banks access medium-term loans got the go-ahead from the European Commission as being compatible with EU state aid rules because, as the Commission explained in a press release, it should ensure stability of the banking system without causing unwarranted distorsions of competition.
The guarantees cover loans taken out and bonds issued before end 2012...