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France may nationalize major companies amid market meltdown, global airlines need billions in bailouts

France may nationalize major companies amid market meltdown, global airlines need billions in bailouts

The French government said on Tuesday it is ready to use all measures necessary to support big companies suffering during the current global market turmoil caused by the Covid-19 pandemic. “I won’t hesitate to use all means available to protect big French companies,” Finance Minister Bruno Le Maire said on a call with journalists, adding: “That can be done by recapitalisation, that can be done by taking a stake, I can even use the term nationalisation if necessary.” Comment: By ‘recapitalisation’ the minister probably means some form of government (taxpayer funded) bail out. According to the Financial Times citing Le Maire, Paris has also promised a package of measures worth €45 billion (US$49.8bn) to help companies and employees withstand the pandemic-linked storm. The package will include payments to temporarily redundant workers and postponed tax and social security bills.
Source: France may nationalize major companies amid market meltdown, global airlines need billions in bailouts

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