EUROPEAN COMMISSION APPROVES GREEK TEXTILE FIRM RESCUE PACKAGE

BY KEITH NUTHALL

A EURO 2.4 million Greece government loan guarantee rescue package for Greek fibre yarns producer Varvaressos has been approved by the European Commission. Varvaressos suffered high losses and declines in turnover during 2007, and its debts now surpass its capital by a third, preventing it financing its own recovery. So, the Greek government has concluded Euro 2.3 million is needed to keep the firm afloat for six months while it develops a restructuring plan. The Commission - which controls such national government subsidies - has ...


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