European Union state aid to banks is one third of GDP

Lucia Kubosova
euobserver.com

The EU’s main regulator has approved state aid to banks worth almost a third of the 27-member bloc’s GDP – twice as much as predicted earlier, with the highest rescue funds in Ireland and with none paid out in several states of central and eastern Europe.

According to a review published by the European Commission on Monday (10 August), between last October and mid-July 2009, the EU’s executive approved guarantee measures designed to boost lenders’ confidence worth €2.9 trillion and capital injections for struggling banks which amounted to €313 billion.

The reaction, seen in Europe and beyond, came last autumn as the world got to grips with the worst financial and economic crisis since the 1930s. Read full article…

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