BRUSSELS, June 19 (Reuters) - European Union antitrust regulators approved on Friday a 10 billion euro ($13.9 billion) budget increase for Austria's scheme to help businesses hit by a liquidity squeeze due to the global economic crisis.
The European Commission, which monitors state aid in the 27-nation European Union, had in March endorsed the Austrian scheme with an estimated budget of up to 500 million euros.
Austria subsequently sought Commission approval for the 10 billion euro increase to grant public guarantees for large companies. "The current credit crunch makes it difficult for companies to get loans and so Austria's request to increase its budget for its temporary framework scheme to boost lending to the real economy is justified," Competition Commissioner Neelie Kroes said in a statement. (Reporting by Foo Yun Chee; Editing by Dale Hudson)