France to provide $491 billion in bank guarantees
Posted October 12, 2008 11:00 pm
PARIS -- French President Nicolas Sarkozy says his government will provide up to 360 billion euros ($491 billion) to help banks stay afloat through the financial crisis.
The measure is part of a raft of proposals agreed with other governments sharing the euro currency on Sunday to unblock frozen credit markets. Germany, Italy and others plan or have announced similar measures.
Sarkozy says the money includes 320 billion euros ($436 billion) to guarantee bank refinancing and another 40 billion euros ($54 billion) for a government-backed financing vehicle to provide banks with the capital they need.
Sarkozy said the figure he announced Monday is a maximum, which may not be reached if the market starts functioning normally again
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