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Financials

Italy reached accord with EU over 'GACS' state guarantee renewal - source

ROME, March 5 (Reuters) - Italy has reached a de facto accord with the European Commission to renew a state guarantee scheme aimed at easing sales of bad bank loans, a source with direct knowledge of the matter said on Tuesday.

The scheme currently in place, dubbed ‘GACS’, is due to expire on March 6. The government had been negotiating a renewal of the scheme with European competition authorities to ensure it would not violate state aid rules.

Reporting by Giuseppe Fonte, editing by Silvia Aloisi

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