The European Commission has approved, under EU State aid rules, Portugal’s plans to grant a €1.2 billion rescue loan in favour of Transportes Aéreos Portugueses (TAP), according to a statement earlier today on the EC’s website. Ryanair has been a vocal critic of state aid to European airlines arguing it amounts to unfair competition, but the EC’s statement said that the measure will provide TAP with the necessary resources to address its immediate liquidity needs, without unduly distorting competition in the single market. Executive vice president MargretheVestager, in charge of competition policy for the EC said, “This €1.2 billion Portuguese

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