Brussels, 04/06/2009 (Agence Europe) - On Wednesday 3 June, the European Commission authorised two Greek schemes to help companies that come up against financial difficulties due to the credit crunch resulting from the current economic crisis. On one hand, there is the scheme allowing national authorities to grant aid in the form of subsidised guarantees for investment and working capital loans concluded by 31 December 2010. On the other, measures allow national authorities to grant aid in the form of reduced interest rates on loans concluded by 31 December 2010. In both cases, the Commission has concluded that these provisions meet conditions fixed in the temporary framework applicable to state aid, which gives member states additional possibilities for facilitating access to financing in the context of the current economic and financial crisis. These measures are compatible with the provisions of the treaty authorising aid, aimed at remedying serious disturbance in the economy of a member state.
The Greek authorities conceived the temporary framework for state aid measures by taking into account the provisions of the Commission's temporary framework on state aid to the real economy during periods of crisis, and in particular the conditions for aid in the form of subsidised guarantees. Reduction of the guarantee fee can be applied during a period of up to two years for loan guarantees contracted no later than 31 December 2010. Where the duration of the underlying loan exceeds two years, the safe-harbour premiums set out in the annex to the temporary framework, as amended, may be applied for an additional period of three years maximum. The maximum duration of guarantees granted under the scheme is limited to five years. The scheme does not apply to firms that were already in difficulty on 1 July 2008 (i.e. before the credit crunch). The scheme can be applied to companies of all sizes. The Commission therefore considers that this scheme meets the conditions of the Commission's temporary state aid framework in that it is limited in time, respects the relevant thresholds and applies only to companies that were not in difficulties before 1 July 2008. This is also true for the interest rate scheme which, as the Commission points out in a press release, “is limited in time and only applies to companies that were not in difficulties before 1 July 2008”. (O.L./transl.jl)