Brussels, 23/12/2003 (Agence Europe) - The European Commission has asked the Italian government to work in close cooperation with it if it plans to provide public funding for the rescue of Parmalat, the country's biggest agri-food giant, which is facing bankruptcy. Investigations are continuing to determine the extact size of the 'black hole' in the company's accounts (estimated to total between EUR 7 and 10 billion) and the type of illicit operations carried out, but the fate of the Italian food giant will probably be decided on Wednesday when its President, Enrico Bondi, is expected to attend a bankruptcy hearing in Parma.
A spokesperson for Commissioner Mario Monti said on Monday that the Commission was closely monitoring developments, saying that aid could be provided but only in close collaboration with the Commission. The spokesperson added that the Commission was prepared to rapidly consider any emergency measures planned. The Commission will ensure that public aid does not cause an uneven playing field to the detriment of Parmalat's competitors. We hope everyone will respect their obligations under the Treaty of Rome, noted the Commission spokesperson, hoping to avert any new crisis along the lines of the crisis last year between the Commission and France over the Alstom rescue plan.