Coronavirus: France does not rule out nationalizing certain companies

The Minister of Economy Bruno Le Maire says he does not deny himself any option to "protect" French companies. Reuters

Text by: RFI Follow

The French Minister of Economy and Finance, Bruno Le Maire, said on Tuesday that he was ready to use "all means", including nationalizations, to "protect" French companies threatened by the epidemic of coronavirus.

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To limit the economic consequences linked to the coronavirus epidemic, in particular bankruptcies of businesses, the French government will draw an immediate arsenal of 45 billion euros (postponement or cancellation of social or fiscal contributions, partial unemployment measures ...). And he plans to go even further.

" I will not hesitate to use all the tools at my disposal for companies attacked on the markets ," said Bruno Le Maire during a press conference on Tuesday, March 17. French banks are under attack on the markets but they are very solid . "

" It can go through recapitalizations, it can go through equity investments, I can even use the term " nationalization " if necessary. We will use all the means at our disposal ”, assured the Minister.

While the Financial Markets Authority (AMF) has prohibited short sales, that is to say the operations by which investors speculate downwards, for 24 hours, the Minister of Economy and Finance has specified that he was ready to go further on these measures, mentioning the possibility of increasing this period to one month.

Distressed florets

Some groups, like Air France-KLM, are in fact suffering on the stock market and have seen their capitalization melt in a few days.

In Italy, the government wants to proceed to the nationalization of the company Alitalia, in difficulty for years, without however specifying the modalities. " This is not an easy situation, this experience [of the coronavirus , editor's note] strengthened me in the idea that a national company is strategic for our country, " Transport Minister Paola De Micheli said on Tuesday the Rai News 24 television channel.

(With agencies)

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  • Coronavirus
  • France
  • Businesses
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