EU approves funds for financial stability Greece
The European Commission gave its approval Friday to fund financial stability of 10 billion euros to recapitalize banks in difficulty as Greek by the credit crisis, considering that this mechanism is compatible with European Union rules in respect of aid.
This fund is part of a device based emergency loans to three years made in May by the euro area and the International Monetary Fund (IMF) to stem the contagion of the Greek debt to other countries.
"I am satisfied that the conditions under which Greece can use the funds comply with rules on support schemes for the financial sector during the crisis," he said in a statement Joaquin Almunia, European Commissioner for Competition.
The EU executive announced that the fund could be used until June 30, 2017.
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