Friday, November 26, 2010
France Borrows One Billion Euros to Pay Wages
The French government has requested more than a billion euros in emergency credit from its Senate to cover next month's payrolls for thousands of state workers.
The French Senate approved EUR 1.14 billion (USD 1.5 billion) on Thursday, the head of the Senate's Finance Committee Jean Arthuis confirmed while expressing strong reservations over the unusual request.
The credit is to be used to pay the December wages of thousands of employees in eight ministries, including education, defense and interior, representing more than a percent of state wage costs, said Arthuis, quoted by AFP.'
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