Press Release: State aid: Commission approves Greek reduced interest rate scheme to boost real economy

The European Commission authorised under EC Treaty state aid rules a Greek scheme aimed at firms that encounter financial difficulties as a result of the credit squeeze in the current economic crisis . The measure allowed national authorities to grant aid in the form of reduced interest rates on loans concluded by 31 December 2010. The scheme met the conditions of the Commission’s Temporary Framework for state aid measures, which gives Member States additional scope to facilitate access to financing in the present economic and financial crisis. In particular, it was limited in time and only applied to companies that were not in difficulties before 1 July 2008. The scheme was therefore compatible with Article 87(3)(b) of the EC Treaty, which permits aid to remedy a serious disturbance in the economy of a Member State.

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