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Mon 06 Jun 2009Berlin rejects Arcandor rescue aid bid
Retailer Arcandor cannot tap the German government's $160 billion rescue fund, a government panel ruled today, leaving the stricken firm hoping for an emergency state loan by Wednesday to avert bankruptcy.
The government committee in charge of reviewing Arcandor's request for hundreds of millions of euros in state guarantees from a special rescue fund for crisis-hit companies turned thumbs down today, an economy ministry spokesman said.
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