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EC approves Hungarian short-term export credit insurance scheme

The European Commission (EC) said Monday that it had authorized, under EU State aid rules, a measure adopted by Hungary to limit the adverse impact of the current financial crisis on exporting firms.

The measure which is aimed at mitigating the negative effect of the current financial crisis on the country's export companies, was in line with the Commission's Temporary Framework for State aid measures to support access to finance in the current financial and economic crisis, the EC found.

The measure requires a market-oriented remuneration and tackles the problem of the current unavailability of the short-term export credit insurance cover in the private market.

The EC authorized the measure until December 31, 2010. (MTI-ECONEWS)