Posted on 03/12/2018 12:34:26 AM PDT by Olog-hai
French President Emmanuel Macron will be putting his investment banking experience to use in coming weeks as his government prepares a new wave of state asset sales to pay for his “disruptive innovations” fund.
After his election last year Macron pledged €50 billion ($62 billion) to help modernize the country’s economy, and €10 billion has been earmarked for promoting innovative technologies.
To avoid putting further strain on the already stretched public finances, the government will finance the plan by selling stakes in the roughly 80 French companies owned partly or entirely by the state.
The process was launched last autumn, but Economy Minister Bruno Le Maire said last week that he would soon seek legislative approval to cancel the minimum state holdings for four major companies. […]
France’s portfolio of stakes is valued at around €100 billion, but a large chunk is in defense, nuclear and other key industries that are unlikely to be touched.
“The state must remain a shareholder in strategic sectors, where it’s a question of our sovereignty,” Le Maire told lawmakers last Thursday. “For the others, the state’s only role is to get dividends.” …
(Excerpt) Read more at thelocal.fr ...
In the case of France, things get complicated because national champions must remain under the control of the state.
That limits how much cash can be raised through privatizing the assets of state-owned companies. Not a lot of it.
The dirigiste sector of the national economy is extensive in places like France, Russia and China and to a lesser extent in the UK and Germany.
Shovel ready, eh? Snort. Sounds like a slush fund. Where's that money really going?
Loi PACTE : favoriser les entrepreneurs politiques, pour le meilleur et pour le pire
Deck chairs? Titanic?
Note to the UK: Brexit faster.
To avoid putting further strain on the already stretched public finances, the government will finance the plan by selling stakes in the roughly 80 French companies owned partly or entirely by the state. Are they going to try capitalism?
He’ll use it to buy Solyndra.
I’ll give them $500,000 for Versailles...
For the immigrants.
France to commit 700 million euros to International Solar Alliance
Yep. They are paying to be invaded and conquered.
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