The European Commission said on Wednesday it had approved a Greek package intended to stabilize the markets as a response to the global financial crisis.

The package would provide eligible credit institutions with new capital and securities which can be converted into liquidity with the European Central Bank. It also includes guarantees on short and medium term newly issued debt, under strict conditions.

The commission found the measures to be in line with its rules on state aid to overcome the financial crisis.

"In particular, the package ensures non discriminatory access, is limited in time and scope, provides for market-oriented remuneration and foresees adequate safeguards to minimize potential distortions of competition," it said.

(Xinhua News Agency November 20, 2008)