Greece: Brussels, aid given to cereal sector illegal

Athens must recover subsidies that are against EU rules

26 January, 15:42

(ANSAmed) - BRUSSELS, JANUARY 26 - Aid allocated by Greece to the cereal sector in 2008 is against EU rules, according to the European Commission, which has ruled today against the 150 million euros in loans given by unions to farming cooperatives with state guarantees, as well as subsidies for interest matured as part of the loans. The aid was aimed at providing financial support to cereal producers, following over-production in 2008 and the subsequent fall in prices. The European Commission opened an investigation into the issue at the end of 2010, after a preliminary inquiry had raised doubts over the conformity of the measures with EU law. The formal investigation then established the incompatibility of the aid with the European internal market, with Greece as a result now forced to recover the illegally allocated money from the beneficiaries. (ANSAmed).

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