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EU approves 3 bln euros of Portuguese state aid against coronavirus

BRUSSELS, March 22 (Reuters) - The European Commission said on Sunday it approved 3 billion euros of Portuguese guarantee schemes for small and medium sized companies affected by coronavirus epidemic.

"The economic impact of the coronavirus outbreak is severe. We need to act in a coordinated manner, to help Europe's economy weather this storm and bounce back strongly afterwards. The four Portuguese guarantee schemes for SMEs and midcaps are an important step in this direction," said Margrethe Vestager, in charge of competition policy at the Commission. (Reporting by Jan Strupczewski)