EU clears French five billion euro loan guarantee to Renault

BRUSSELS (Reuters) - The European Commission approved on Wednesday a 5 billion euro(4.37 billion pounds)loan guarantee to carmaker Renault group to mitigate the impact of the coronavirus crisis.The Commission, which oversees competition policy in the European Union, has temporarily eased its rules to allow EU countries to support their economies that are set to go into recession as a result of lockdown measures.The Commission had already approved a general French guarantee scheme allowing 70%..