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April 2, 2008: Europen Union Announces Investigation into Nationalization of Troubled British Bank

2008-04-02

The European Union (EU) says it will launch a full investigation into the British government’s nationalization and bailout of troubled mortgage lender Northern Rock. Under EU rules, public support can be allowed to stop firms from going bankrupt, but long-term government aid that is seen to undermine competition is not permitted. [BBC, 8/5/2008]