Press Release: State aid: Commission authorises support package for Greek credit institutions

The European Commission approved under EC Treaty state aid rules a Greek package intended to stabilise the markets as a response to the global financial crisis. The package would provide eligible credit institutions with new capital and securities which can be converted into liquidity with the ECB. It also included guarantees on short and medium term newly issued debt, under strict conditions. The Commission found the measures to be in line with its guidance Communication on state aid to overcome the financial crisis. In particular, the package ensured non discriminatory access, was limited in time and scope, provided for market-oriented remuneration and foresaw adequate safeguards to minimise potential distortions of competition. The Commission therefore concluded that the scheme was an adequate means to remedy a serious disturbance in the Greek economy and as such compatible with Article 87.3.b of the EC Treaty.

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