Brussels approves French re-financing scheme

October 31st, 2008 - 6:27 pm ICT by IANS  

Brussels, Oct 31 (DPA) The European Commission, which is the European Union (EU)’s executive arm, Thursday cleared a French plan for re-financing troubled lenders, describing it as an “appropriate” system for injecting confidence in the country’s financial markets.Liquidity is to be provided by a special 265-billion-euro ($337 billion) fund guaranteed by the state.

The Commission is expected to approve the second part of France’s financial rescue package, on recapitalization, some time next week, officials said.

The commission has so far approved rescue packages from Germany, Britain, Ireland, Denmark, Portugal and Sweden and is considering similar plans from the Netherlands, Italy and Spain.

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