Press Release: State aid: Commission endorses €2.4 million rescue aid for Greek textile company Varvaressos

The European Commission authorised, under the EC Treaty’s rules on state aid, a €2.4 million loan guarantee by the Greek State to rescue the fibre yarns producer Varvaressos S.A. As all the requirements of the Community guidelines on state aid for rescuing and restructuring firms in difficulty are satisfied and the Greek authorities made the necessary commitments, the Commission considered that the aid does not threaten to unduly distort competition in the Single Market and is therefore compatible with the EC Treaty (Article 87).