City & Business: A very French folly
Sunday 23 November 1997
EU officials and the current government are now desperately trying to find ways to save the bank. The most likely scenario will be that the Commission allows the aid on condition the bank is eventually sold to the private sector. Nobody wants Credit Lyonnais to collapse, not least the French government. You can bet your bottom franc the bank's 5 million depositors would take to the streets to protest, possibly violently. That prospect echoes less the troubles in Asia and more the collapse of the pyramid schemes in Albania that triggered anarchy throughout the country last year.
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