First Case of a “Private Debtor” Test?* A public authority acting as a “private debtor” tries to minimise the amount that it has to pay. Introduction In assessing whether commercial transactions between public authorities and undertakings are free of State aid, the European Commission and EU courts apply the market economy investor principle [MEIP]. In essence, this principle tests whether a public investor behaves like a private investor in a similar situation. In practice, the MEIP is applied in different forms and under different names, depending on the nature of the transaction in question. So far, we have had the tests of private investor, private operator, private vendor and private creditor. Now we also have the test of “private debtor” which is applied to situations where the
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