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Greece: Encouraging Business Investment

untitled(GREEK NEWS AGENDA)   A €2 billion government plan aimed at subsidizing guarantees and offering reduced interest rates to businesses suffering due to the credit squeeze was approved yesterday (June 3) by the European Union antitrust regulators.  The scheme relates to state guarantees for investment and working capital loans contracted by companies through the end of December 2010, with the maximum duration of the guarantees capped at five years. The European Commission assured that this state aid does not distort competition in the European Union of 27 Member States, while stressing that a significant reduction in the cost of loans could be an effective way of encouraging business investment and economic recovery. Similar schemes drawn by other European countries have also been approved by the European Union. Kathimerini daily: Companies to get 2-bln-euro boost