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Financial Crisis in France

Hi everyone,
Let’s talk a bit about the financial crisis which is hitting France too! When I talk to my relatives back home, they all seem very worried about what’s going on at the moment. Some banks went bankrupt and everyone is scared about their money.

Monday 6th October was nicknamed ‘le lundi noir’ (Black Monday) as the CAC 40 (the French stock market index) went down by 9.04%, its lowest rate since its creation. The Euro went down too and 1 Euro was only worth 1.34 dollars (it used to be 1.60 a few weeks ago). Besides, the IFM (International Monetary Fund) reevaluated the French economic growth: they predict 0.8 % for 2008 and only 0.2% for 2009 although it appears to be even worse for some other European countries.
French Prime Minister François Fillon announced the creation of a state committee to help banks face the crisis whereas French President Nicolas Sarkozy assured that no French saver will lose a single Euro because of the crisis. Discussions about the creation of a new government of ‘national union’ which would involve members of different political parties are eventually going on in order to face the crisis! Let’s wait and see. If you want to learn more about the situation in France, you can go to Le Monde website and read the special edition about the financial crisis : http://www.lemonde.fr/web/sequence/0,2-1101386,1-0,0.html
In spite of these bad news, I hope you are all having a good time and enjoying fall ! I would be happy to hear about how things are going on in your country or even in America, so don’t hesitate to tell me about it !
A bientôt for a new post !

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