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EU clears 6-month extension of Spain guarantee plan

Source: Reuters - Mon 29th Nov 2010

European Union regulators cleared on Monday a six-month extension to Spain's support scheme for its banks, saying it complied with EU state aid rules.

"The (European) Commission has authorised a six-month prolongation of the Spanish guarantee scheme for credit institutions until June 2011," the EU executive said in a statement.

"The Commission found the prolongation of the measures to be in line with its Communication on state aid to overcome the financial crisis."

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