Heta settlement: Irmgard Griss on action plan / Picture: © Flickr / Universidad Carlos III de Madrid

The commission will also check whether the proposed solution is “sensible,” looking into the related opportunities and risks, she added.

Griss called the proposition a “good” solution for Austria and Bavaria, with parties coming closer to each other and a framework for an agreement being set up.

Austria said on Tuesday that it wants to make a guaranteed payment of EUR 1.23 billion (USD 1.35 billion) to Bavaria in exchange for settling all claims.

The amount represents 45 percent of total Bavarian claims.

(EUR 1 = USD 1.097)

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