Funds Euro: France will pay 90 billion euros
In an interview published Tuesday in the daily Les Echos, Christine Lagarde, economy minister, said France will contribute "approximately 90 billion euros" to support fund for countries in the euro area in need. The Minister said that this figure was calculated "based on the share of France in the capital of the European Central Bank, about 20%.
In an environment where financial markets are concerned about the explosion of debt and deficits States, Christine Lagarde said that this contribution has "no direct impact on either the level of deficit or the debt according Maastricht, since these are the guarantees that would be activated in case of default. "
The economy minister also reaffirmed that France "will take its commitment to reduce the deficit to 6% of GDP in 2011 and 3% in 2013.
Meeting in Brussels this weekend, the EU finance ministers agreed on a total of 500 billion euros. This plan includes a large fund of 60 billion euros plus a special mechanism of 440 billion euros in loan guarantees.
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