French FinMin Le Maire: State aid to tackle coronavirus has cost the state 20% of GDP
|State aid to tackle coronavirus since mid-March has cost French state EUR450 bln or 20% of GDP, said the country’s Finance Minister Bruno Le Maire on Monday.
Key quotes
“President will announce "strong" measures to help autos sector on Tuesday.”
“Still not signed off on Renault planned loan.”
“Reiterates that Renault will have to be shareholder in electric car battery alliance as part of auto sector plan.”
“Cannot rule out job cuts at Renault.
“State raising its stake in Renault is not on agenda for now.”
“Tax on internet giants has so far brought in 350 million euros.”
Market reaction
The above remarks have little to no impact on the shared currency, although EUR/USD is testing lows at 1.0875 on the back of a fresh leg higher seen in the US dollar across its main peers. Growing US-China tensions continue to boost the safe-haven demand for the greenback.
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