The EU Court of Justice upholds the judgement of the General Court and thus raises the burden of proof on the Commission when trying to prove State aid cases (Valencia Club de Fútbol)

In order to detect State aid in a state guarantee, it is necessary to carry out a search to identify the market rate, if it exists. There is no general presumption that an undertaking in difficulty cannot obtain a guarantee from the market. It is necessary to consider the risk of default. The calculation of the amount of aid must follow a “hierarchy” of methods. Introduction It is fair to say that the Commission has, as a matter of standard practice, considered loans and guarantees to undertakings in difficulty to constitute State aid, more or less automatically, on the grounds that no rational investor would lend to or guarantee any borrowings by an undertaking that is likely to go bankrupt. It is also fair to say that such practice is pretty reasonable. However, what is

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