On Wednesday 21 December, the Court of Justice of the European Union decided that the guarantee granted by Belgium to the financial cooperative companies ARCO (Arcopar, Arcofin and Arcoplus) infringed Union rules (C-76/15).
The ARCO group is one of the main shareholders in the Franco-Belgian Dexia bank, which has experienced serious difficulties since the global financial crisis of 2008. The three financial cooperatives have been in liquidation since 2011. In November that year, the Belgian...