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Liquidity Problems of the Greek Energy Market and State Aids

Nikolaos E. Farantouris

This paper is an analysis of the deficits of the regulatory and legislative energy regime in Greece and an evaluation of the compatibility with the internal market of measures to restore liquidity in the energy sector in part by granting loans backed by (State) bank guarantees. Although this is a practice that was almost always found to be incompatible with Article 107 TFEU by the European institutions, this did not apply in the case of Greece. The analysis confirms the wide discretion of EU institutions, when it comes to adopting flexible legal approaches in the midst of critical circumstances, and highlights the peculiarities and sensitives of the energy sector.
Keywords: Energy Sector, Aid falling under Articles 107(2) and 107(3) TFEU, Rescuing Firms in Difficulty

Prof Nikolaos E. Farantouris, LLB (Aths), MJur (Oxon), DPhil (Oxon) is Jean Monnet Professor of EU Law & Policies, University of Piraeus, Greece.


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