France to Nationalize Firms 'If Necessary'

France has announced on Tuesday that it is ready to nationalize large firms" if necessary" to protect the economy amid coronavirus epidemic.

In press statements, Finance Minister Bruno Le Maire said, "I will not hesitate to use any means at my disposal to protect large French enterprises," adding, "This can be through capital injections or stake purchases. I can even use the term nationalization if necessary."

It is worth mentioning that, French President Emmanuel Macron announced Monday that movements will be very strongly reduced for 15 days starting mid-Tuesday.

In televised remarks, he stated that France would follow other European countries in confining residents mostly to their homes during the pandemic, while the European Union considered closing its external borders to foreign travelers to impede infections.

Macron said that the citizens will only be permitted to leave their homes for necessary trips like, going to work or supermarkets.

He stated that the government decided to order the restrictions because people have not complied with earlier public health measures.

“We are at war; any violations will be penalized,”  Macron added.

As of March 16, six of the 10 countries with the highest number of confirmed cases worldwide are in Europe: Italy, Spain, Germany, France, Switzerland, and the UK.

France has reported a total of 6,633 cases, including 148 deaths.