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STOCKHOLM: Sweden's government said on Tuesday it would participate in the recapitalization of airline SAS with up to 5 billion crowns ($534.8 million) of tax-payer money.

"The government proposes that the parliament authorizes ... the state to take part in the recapitalization of SAS to an amount not exceeding 5 billion crowns," it said in a statement.

The government is the largest shareholder in the airline with a stake of 14.8%. Earlier on Tuesday, SAS announced a 14.25 billion crown plan to shore up its finances against the collapse in air travel during the COVID-19 pandemic.