French Government to Pump $14 Billion into Country’s Six Largest Banks

France’s Finance Minister Christine Lagarde has announced the government will provide $14 billion to the country’s six largest banks as a means of stabilizing the financial market and restoring confidence among investors.

Nearly $4 billion will go to France’s largest bank Credit Agricole, $3.4 billion to BNP Paribas, $1.6 billion to Credit Mutuel, $1.46 billion to Caisse d’Epargne and $1.26 billion to Banque Populaire.

According to Lagarde the belief is that by increasing the banks’ equity capital more loans can be given.

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