Sarkozy appoints ex-PMs to head national loan committee | world | Hindustan Times
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Sarkozy appoints ex-PMs to head national loan committee

world Updated: Jul 06, 2009 15:23 IST
President Nicolas Sarkozy

President Nicolas Sarkozy has appointed two former prime ministers to head a committee mapping out priorities for a national loan to help France emerge from economic crisis, officials said on Monday.

"The President of the Republic has asked Mr Alain Juppe and Mr Michel Rocard to preside over a commission charged with reflecting on the priorities justifying en exceptional investment effort," Sarkozy's office said.

The commission will consult widely and will on November 1 present propositions that the government will decide upon at a later date, it said in a statement.

Juppe is from Sarkozy's own rightwing UMP party, while Rocard is a Socialist.

Sarkozy announced late last month that the state would take out a national loan, from the markets and the public, to finance strategic investments in the wake of the economic crisis.

He said during a major policy speech that the government would launch a three-month consultation with lawmakers, labour leaders and business and cultural leaders to agree on key areas for investment.

France has a long tradition of the state turning to the public for help during times of economic crisis.

The country is currently under pressure to rein in its public deficit, which is set to exceed seven per cent of gross domestic product in 2009 as the crisis drives up social spending and slashes tax revenues.