France’s Quiet Bank Rescues Top $78 Billion With Peugeot
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France’s aid to PSA Peugeot Citroen SA’s troubled finance arm brings the state’s backing for the nation’s banks to more than 60 billion euros ($78 billion).
The government yesterday said it will guarantee 7 billion euros in new bonds by Banque PSA Finance, the consumer-finance unit of Europe’s second-largest carmaker. The aid comes on top of support for Dexia SA, the French-Belgian municipal lender, and for home-loans company Credit Immobilier de France.