Coronavirus: the French State to the rescue of large public companies

To save the Air France soldier, the government launched a counter-offensive. JOEL SAGET / AFP

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The French state flies to the rescue of two of its flagships, of which it holds around 15% of the capital: Renault and Air France. In the case of the car manufacturer, this would be around 5 billion euros in the form of a loan guaranteed by the state. A similar system was announced in favor of the airline for some 7 billion euros.

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To save the Air France soldier, the government launched a counter-offensive; and the sinews of war is not nationalization as some have mentioned, but money. A lot of money.

The Minister of Economy announces that the company will receive 7 billion euros in total loans: 4 billion bank loans guaranteed 90% by the State and 3 billion lent directly by Bercy.

Bruno Lemaire speaks of a "historic plan" which aims to save the 350,000 direct and indirect jobs that go with it and a company that threatens to sink when only about 10% of its planes fly - such as those that will go to Morocco next week to repatriate stranded French people.

Attention, warns the government, this support "  is not a blank check  ". There are conditions: a plan to reduce CO2 emissions, to transform the fleet to be less polluting, that is to say to emit less noise and be more respectful of the environment.

As Air France is inseparable from KLM, discussions are continuing with the Dutch State, which is also a shareholder, with a view to additional aid (there is talk of an additional 2 to 4 billion).

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  • France
  • Coronavirus
  • Aeronautics
  • Transport