French President Nicolas Sarkozy said the government and a state-owned lender will raise 6 billion euros ($7.6 billion) to create a sovereign fund aimed at protecting and developing the country’s “strategic companies.”
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November 20th, 2008 at 11:15 am
Okay, we’re not supposed to laugh, and I am not a reflexive France-basher like many Americans — the French often have a few things that we should listen to. But $7.6B is pocket change.
November 20th, 2008 at 11:38 am
Sure it is pocket change, Kuweit is spending twice that to “support” the stock-market….so I am laughing…in any case they don’t need to worry too much about foreign predators they all know that they aren’t welcome, but some french corps need some cash…
BTW do you know something about Berky debt/bonds somebody had a question on the “credit today” post.
November 20th, 2008 at 1:46 pm
Don’t lauth,
thats french people that suffer the pure stupidity of his “elite”.
November 20th, 2008 at 2:01 pm
Well, it’s 20 billions euros, ie 25 billions dollars. Of course this is small, but it’s a beginning. And we don’t have problems like GM or subprimes in France. Please put some order in your economy before laughing at foreign countries.
November 20th, 2008 at 2:10 pm
Gaetan B.
It’s only 6 billions euros of new money (cash), 14 billions are already invested in various companies like france telecom etc…yes it’s a start but it’s pretty ridiculous compared to the average sovereign fund, and you do have problems with your banks, but you don’t know it, why do you think the fed has to lend more than $400 billions to the ecb via swap. remember the first massive intervention by the ecb last year in august, that was in response to bnpparibas’s problems with money market funds.
November 20th, 2008 at 2:17 pm
The problems with banks are covered with other funds : 40 billions euros to eventually take shares or lend funds, and guarantees of 360 billions euros, that exceeds what Paulson made for american banks, taking into account difference of GNP. Sarkozy actually do the job, hope 2009 will bring results.
November 20th, 2008 at 2:32 pm
Gaetan B.
thx, so there are problems with french banks after all…
November 20th, 2008 at 3:18 pm
Yes, because they buyed these bullshit subprimes that american bankers sold to naive foreigners all around the world.
Maybe you don’t know, but in France banks never offer any kind of loan for house purchase to people that don’t have enough income, what you call subprimes. Conditions are far more strict. French banks don’t lend to french poors, they prefer lending to american poors, and we see the result.
As a taxpayer I have to pay for that, so I hope you understand that I am not very happy.
November 21st, 2008 at 10:12 am
Idiots. You don’t know nothing. These complex decisions are made by very intelligent persons. They use potent decision-making formulas that the rest of the word is not prepared to understand. The thing is that these formulas cannot be disclosed because of the danger of foreign predators. That’s all.