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EU backs France's €300 billion in aid to businesses hurt by virus

EU flags fly outside the European Commission headquarters in Brussels, Belgium, on February 19, 2020.
EU flags fly outside the European Commission headquarters in Brussels, Belgium, on February 19, 2020. © Yves Herman, Reuters (file photo)

The European Commission on Saturday approved France's plan to guarantee up to 300 billion euros ($323 billion) in state aid to ease the economic burden of the coronavirus..

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The EU body approved three measures by France "to help its economy manage the impact of the coronavirus outbreak," said Margrethe Vestager, executive vice president in charge of competition policy at the EU Commission.

"These are expected to mobilise 300 billion euros of liquidity support for companies affected by this unprecedented situation... We are working around the clock with member states to enable them to take swift, effective and targeted action," she added.

(REUTERS)

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