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Image header Agence Europe
Europe Daily Bulletin No. 8603
Contents Publication in full By article 30 / 41
GENERAL NEWS / (eu) eu/agriculture

Investigation into Italian debt consolidation

Brussels, 10/12/2003 (Agence Europe) - The European Commission is to open an inquiry into the debt consolidation scheme which Lazio (Italy) hopes to use to the advantage of farms and co-operatives. This regime provides an interest rate subsidy on loans of more than fifteen years taken out to consolidate high service cost debts of investments already made. The aid regime should have been adapted to the rules in force on rescue aid and for the restructuring of companies in difficulties, says the Commission, which feels that aid granted over the last few years under this regime may not be in line with State aid rules and the common market. The Italian authorities will have one month to explain themselves once they receive notification of the Commission' decision.

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