Lyonnais rescue plan

French economics and finance minister, Mr Dominique Strauss-Kahn has sent the "strategic plan" of government-owned bank Credit…

French economics and finance minister, Mr Dominique Strauss-Kahn has sent the "strategic plan" of government-owned bank Credit Lyonnais to the European Commission for consideration. The Commission in Brussels has been waiting for the plan for seven months, and now it must make a decision on the acceptability of new French government assistance for the bank, in the form of neutralising a loan that has had perverse effects on the bank's position. The ministry's announcement said the strategic plan is aimed at "strengthening its recovery by improving profitability", and it added that "the question of privatisation is not the subject of the plan". - (AFP)