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The European Commission said a Belgian deposit-guarantee program for the cooperatives of Dexia SA (DEXB) shareholder group Arco may be illegal state support, De Morgen reported, referring to an April 4 letter from European Competition Commissioner Joaquin Almunia to the Belgian government.
The guarantee program, which could cost the Belgian state more than 1 billion euros, was “unfit, unnecessary and out of proportion,” according to the commission, the Belgian newspaper reported.
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