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France Has No Plans to Recapitalize Banks, Budget Minister Says

French Budget Minister Valerie Pecresse said that the government has no plans for a recapitalization of French banks and that the lenders are “solid” and don’t need more funds.

The government is “working hand in hand with the banks” and meets with the banks’ chiefs often, Pecresse said. The minister declined to confirm whether a meeting took place on Sept. 11 between the government and the heads of France’s five biggest banks regarding an investment plan, as reported today by Journal du Dimanche.