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EU state-aid rules, designed to stop government subsidies distorting competition, give the commission sweeping powers to impose restructuring conditions on bank bailouts or even to block the rescue. Over the past two years, the rules have been interpreted generously to allow government bank bailouts to go ahead in return for commitments to restructure failing financial institutions but the mood in Brussels has hardened since the initial credit crunch of 2009. ”We are [...] Reuters Spain’s fourth biggest lender, Bankia, on Saturday prepared to sell stakes it holds in companies to meet European competition rules after a state rescue that has so far cost 23.5 billion euros ($29.40 billion). Bankia’s parent company BFA asked for a higher-than-expected 19 billion euros in government help on Friday, in addition to 4.5 billion the state has already pumped in, to cover possible losses on repossessed property, loans and investments. In [...] On Saturday 2nd July 2011, @wikileaks said: LEGAL ACTION BY WIKILEAKS AND DATACELL AGAINST VISA AND MASTERCARD Release after Sat 2 Jul 2011 00:00:00 GMT WikiLeaks and Datacell (a service provider assisting WikiLeaks) are to sue Visa & MasterCard for engaging in an unlawful, U.S. influenced, financial blockade. On June 9th a the law firms Bender von Haller Dragested in Denmark and Reykjavik Law Firm in Iceland acting on behalf of [...] “Lack of transparency in markets can lead to abusive behavior and facilitate violations of competition rules,” the European Union antitrust commissioner, Joaquin Almunia, said in a statement. “I hope our investigation will contribute to a better functioning of financial markets and, therefore, to more sustainable recovery.” – NYT by Recluse Consider the following items of news from the past week: The Royal Bank of Scotland sinks £1.4bn into the red WestLB, a troubled state-controlled German bank, has been warned it may be wound down if it does not quickly comply with European competition rules. US insurance giant AIG loses $2.4bn in quarter Ambac poised for bankruptcy protection |
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