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EU approves bailout loan

July 1, 2014

BRUSSELS: The EU's competition authority has approved a 3.3 billion lev (R23.3bn) emergency credit line that the Bulgarian government is offering its banks to stabilise the financial system.

Rumours of liquidity shortfalls have caused panic and runs on deposits at major Bulgarian banks, despite the authorities' insistence that there is no reason for depositors to worry. The EU Commission said yesterday that Bulgaria's loan did not violate state aid rules.

Cape Argus

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Source: Cape Argus (South Africa)

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