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Non-Tech : Amati investors
AMTX 1.490-0.7%Dec 10 3:59 PM EST
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To: Andreas Helke who wrote (20246)6/24/1997 12:48:00 AM
From: pat mudge   of 31386
 
[FT and Jospin]

What's your take on the French climate under Jospin?

Thanks --

Pat

<<<
TUESDAY JUNE 24 1997
From Ms Marie Owens Thomsen

Sir, It is possible that I have become "too French" working for Dresdner Kleinwort Benson in Paris, and that this has rendered me sensitive to what might be perceived as "Anglo-Saxon propaganda". But I do find it shocking that your Paris office reports that "Mr Jospin said the new administration would not implement the previous centre-right government's plans company and the Aerospatiale aviation and defence group" ("France will join Emu on time, says Jospin", June 20). Mr Jospin said nothing of the sort. While declaring that the new government is in principle opposed to privatisations and ruling out any privatisation of public services he left his options open regarding state companies exposed to international competition. Hence, if any opening up of French state companies' capital will take place under the new government it is precisely the companies mentioned in your article that would be concerned.

To be sure the new government is not likely to raise as much money from privatisations as the previous government had budgeted. This is therefore the issue that remains the most threatening to the French deficit to gross domestic product ratio in the wake of a policy declaration that was otherwise of little consequence to the 1997 budget. But the real risk is not nearly as great to the deficit or to the stock market as your article would suggest.

Marie Owens Thomsen, economist,
Dresdner Klenwort Benson (march‚s),
108, boulevard Haussmann,
75005 Paris, France
>>>
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