Crisis: EU OKs state banking guarantess in Greece, Cyprus

For another six months, ending in June 2013

22 January, 16:39

(ANSAMED) - BRUSSELS, JANUARY 22 - The EU Commission on Tuesday authorized prolonging state-issued guarantees for Greek and Cypriot banks another six months, through the end of June 2013. Greece started rescuing its banks in November 2008 and Cyprus, in November 2012. These are "proportionate and time-limited measures" that are an "adequate" way to redress economic imbalances in those two countries, said Joaquin Almunia, the EC vice president in charge of competition and banking.(ANSAmed).

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