Press Release: State aid: Commission finds that Greek mining company Larco received incompatible state aid; opens way to sale of some assets

On 27 March 2014, the European Commission concluded that Greek public support measures granted to Larco General Mining and Metallurgical Company S.A. (Larco) gave the company an undue advantage over its competitors, in breach of EU state aid rules. In total, the capital injections and public guarantees were worth €136 million. The Commission decided that Larco must pay back the amount with interest to mitigate the distortions of competition resulting from the incompatible aid.

ESO: Background information: Commission adopts new rules governing aid to firms in difficulty http://www.europeansources.info/record/memo-commission-adopts-new-rules-governing-aid-to-firms-in-difficulty/

ESO: Background information: State aid: Commission opens in-depth inquiry into possible Greek state aid to Larco General Mining and Metallurgical Company S.A http://www.europeansources.info/record/press-release-state-aid-commission-opens-in-depth-inquiry-into-possible-greek-state-aid-to-larco-general-mining-and-metallurgical-company-s-a/

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