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France’s grand nuclear loan to increase global debt

France to Tap Financial Markets for EU35 Billion Grand Loan By Francois de Beaupuy and Helene Fouquet
Dec. 14 (Bloomberg) – French President Nicolas Sarkozy’s government will earmark 35 billion euros ($51 billion) for its “Grand Loan” to aid manufacturers such as Areva SA, raising the bulk of the money in financial markets.

The government will sell 22 billion euros of debt to finance the loan with the remaining 13 billion euros coming from banks reimbursing the government aid they received to help weather the country’s worst economic slump in 60 years, Sarkozy said at a press conference in Paris today……………….Sarkozy’s grand loan, which may benefit companies including European Aeronautic, Defence & Space Co. and jet-engine maker Safran SA, will add to the country’s debt, which rose to 1.43 trillion euros, or 74 percent of gross domestic product, at the end of the second quarter. Government stimulus spending is boosting global debt levels and threatening to undermine the creditworthiness of some the world’s safest sovereign borrowers………………..As part of the grand loan the government will earmark 5 billion euros for sustainable development, including for fourth- generation nuclear power plants being built by Areva.,,,,,,,,,,The plan will also trigger 25 billion euros of investment from private companies, local governments and European agencies, he said.

France to Tap Financial Markets for EU35 Billion Grand Loan – Bloomberg.com

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December 15, 2009 - Posted by | 1 NUCLEAR ISSUES, politics | , , ,

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