French Government Considers Nationalization of Large Corporations at Risk of Bankruptcy Due to COVID-19

[Asia Economy Reporter Kwon Haeyoung] The French Minister of Economy is considering the nationalization of large corporations that have been directly hit by the spread of the novel coronavirus infection (COVID-19).

Bruno Le Maire, French Minister of Economy and Finance, stated at a press conference on the 17th (local time), "We will not hesitate to use all means to protect French large corporations," adding, "This could involve financial input or the acquisition of state shares, and if necessary, the term nationalization may be used."

This means that the government intends to acquire shares in the event of bankruptcy crises of large corporations, which are expected to deliver a significant shock to the French economy.

Earlier, he appeared on a broadcast and referred to the current situation as an "economic and financial war," saying, "This long and arduous war will require us to give our all."

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