Brussels, 21/02/2013 (Agence Europe) - On Thursday 21 February, the European Commission granted temporary approval to France, to provide Crédit Immobilier de France (CIF) with a €18 billion state guarantee. This guarantee is necessary to cover CIF's urgent liquidity needs and to give it time to draw up a restructuring or orderly resolution plan, which France undertook to submit to the Commission within six months from the date of the temporary approval decision.
The Commission...