French President Nicolas Sarkozy Saturday denied a report that the European Commission was blocking a French bank rescue plan, saying France and the EU are still in negotiations.
Sarkozy was responding to a Financial Times report on Friday which said that the European Commission would block the plan unless the banks reduced their lending.
The EU is "absolutely not" blocking the French bank plan, Sarkozy said. "I don't think there is such a will from any commissioner."
"The world has changed," Sarkozy said. "We must move fast" to bolster the economy.
Meanwhile, the European Commission also said the French bank capital plan was not blocked. "There is no sort of blockage," a spokesman for the European Commission said.
According to him, EU Competition Commissioner Neelie Kroes had talked with French Economy Minister Christine Lagarde about the issue on Friday and both agreed to resolve the situation and get the plan approved as quickly as possible.
France announced last month that it would inject 10.5 billion euros (13.6 billion U.S. dollars) funds into the country's six main banks to prop up their capital reserves. Meeting between the French government and the European Commission is scheduled on Dec.4.
Source: Xinhua
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