Brussels, 15/02/2008 (Agence Europe) - The European Commission opened formal review procedure on Thursday 14 February 2008 into a guarantee scheme run by the German Land of Saxony. The Commission has doubts as to the compatibility of the proposed scheme with the EC state aid rules. In particular, the Commission has concerns about the absence of exceptional circumstances that could warrant the granting of operating aid and about the proportionality of the measure.
The Land of Saxony proposes...