France has unblocked 45 billion euros in emergency aid for companies and workers whose revenues are impacted by the government-mandated lockdown to fight the coronavirus outbreak, Finance Minister Bruno Le Maire said on Tuesday.

The crisis, which has prompted the government to shut all nonessential businesses and call on citizens to remain at home, is expected to plunge the French economy into recession. Growth is set to fall by 1 percent in 2020, Le Maire said, adding this forecast could be amended as the situation evolves.

This economic and financial war will be long, it will be violent, and it will require all our efforts, whether national, European or at the G7 level; Le Maire said in a telephone press conference. Continue reading →