EC Approves Prolongation of Guarantee Scheme for Banks in Greece
EC is authorizing, under the EU state aid rules, a prolongation of the Greek guarantee scheme for credit institutions until May 31, 2021. This is because, despite a continuing gradual improvement in the liquidity situation of the Greek banks, challenges still remain in view of the COVID-19 outbreak. This guarantee scheme was initially approved in November 2008 and is available for banks with no capital shortfall. The scheme has been prolonged several times, with the last extension being in June 2020.
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Keywords: Europe, EU, Greece, Banking, State Aid Rules, COVID-19, Credit Risk, Guarantee Scheme, EC
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