Business News

Oct 13, 2008, 9:33 GMT

French government to present its bank rescue plan

Paris - One day after the euro-zone summit on the finance crisis, the French government was to present its bank rescue plan following an extraordinary cabinet meeting later Monday. The most important aspect of the plan will be the measures undertaken to prod banks to lend each other money. To that end, euro-zone leaders decided late Sunday to have states provide guarantees for interbank trades. Paris is likely to create a new mechanism guaranteeing bank debt in exchange for certain collateral. The French government is also expected to establish a new authority for state investment that will support the capital resources of troubled financial institutions. Its first measure, already agreed, will be to take on 5.7 per cent of the struggling French-Belgian financial services group Dexia. The authority will also be able to purchase convertible loans from banks that it will either sell back at a later time or, if the bank still needs the capital, transform them into shares in the bank. The French Parliament is slated to discuss the plan this week with a vote expected by Friday.

And Also

Look Back at the Worst Celebrity Breakups

Look Back at the Worst Celebrity Breakups - PopEater
GASP: Goldstriker creates world's most expensive iPhone - The Tech Herald
USA Switches January Returns To One-A-Night - Cinema Blend
Peter Jackson Looks Lovely at 'Bones' Premiere - PopEater
A&E series 'Hoarders' and 'Intervention' premiere Monday, Nov. 30th, preview

Your Talkback on this Story

Similar articles

Sarkozy to walk out of G20 if executive bonuses are not capped
Sarkozy calls for "moralization of capitalism"
France to hold new economic-crisis summit in January
French bank rescue plan to be put before Parliament
Sarkozy proposes 360-billion-euro bank rescue plan (Roundup)

Latest Headlines in Business

Older Talkback

Business: Index

: News; Features; Currency Conversion

Latest Pics

From Sites we Like

Ethopia is getting a new school thanks to the efforts of Bob Geldof. Classes will be held Tuesday through Friday because he doesn't like Mondays [Hero]
Photoshop these fab fans [Photoshop]
Woman tracks down long-lost father only to find he is now a she: "I had no idea what to do so I said, 'You look better than me... and I really like your shoes'" (pics) [Interesting]

More Not News from Fark

In Monsters and Critics

: Arts; Books; DVD; Gaming; Lifestyle; Movies; Music; News; People; Science & Nature; Sport; TV; Archives
Other Languages and Sites: Deutschland (Monsters and Critics); The Tech Herald; Free Games

Entertainment: Arts; Books; DVD; Gaming; Movies; Music; People; Soundtracks; TV
Media: Celebrity Photos; Movie Pictures; Movie Trailers; Movie Posters; Theatre Stills; Celebrity Video; Music Video
Released this week: Movies - USA; Movies - UK; DVD - USA
Distractions: Online Games; Daily Crossword; Sudoku Classic; Daily Jigsaw

World News: US; UK; Americas; Europe; Middle East; Asia Pacific; South Asia; Africa; Business; Education; Health
Science and Tech: Science and Nature; Technology
Lifestyle: Autos; Fashion; Life; Travel

Corporate

: About; Advertise; Contact; The Team; Vacancies; Privacy; RSS; Site Map; Terms; Webmasters

The Fine Print

© 2003 - 2009 by Monsters and Critics.com, WotR Ltd. All Rights Reserved. All photos are copyright their respective owners and are used under license or with permission. * Note M&C cannot be held responsible for the content on other Web Sites.

Servers supplied by Servint