Budget Crisis Turns Spotlight on France's 50 Bln Stock Portfolio [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — France, which urgently needs to bring down its growing debt mountain, is facing calls to tap into the country's €52 billion ($57 billion) stock portfolio rather than increase taxes. Gerald Darmanin, a former budget minister under President Emmanuel Macron, raised the idea in an interview this month, and investment research firm AlphaValue also advocated for the move in a recent blog post. France's APE shareholding agency owns stakes in companies ranging from defense contractors Thales SA and Safran SA to automaker Renault SA and lottery operator FDJ. New Prime Minister Michel Barnier, who proposed €60 billion of spending cuts and tax increases last week in unveiling his first budget, made no mention of selling stock. “I am really surprised there's been no move in that direction,” Pierre-Yves Gauthier, president of AlphaValue, said in an intervie
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