French Finance Minister Thierry Breton said on Monday that the government must sell the state-owned National Corsica Mediterranean Company(SNCM)by privatizing it to avoid bankruptcy of the debt-burdened company.

The French government said earlier that it would sell a 40-percent stake of the Corsica ferry operator to the investment fund Butler Capital Partners, and a 30-percent stake to Connex, the transport division of Veolia Environnement, while keeping a 25-percent state stake and 5-percent stake held by SNCM employees.

Breton said on Sunday the SNCM needs a capital injection of about 115 million euros, and the only solution in conformity with the EU law is for the government to sell off its stake in the company.

The proposal has sparked massive protests, violence and even a hijacking of an SNCM ship by employees in Corsica over the last two weeks.

A rocket attack was launched at the local government's headquarters Thursday, but did not cause casualties.

Source: Xinhua