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2009/01/25

French Airbus Package Not Called Bailout

Even though France is putting $6.5 billion euros into banks with the sole intent of financing Airbus purchases, this plan is not being called a bailout.

Airbus is owned by the European aerospace group. In fact, the French state owns 15% of EADS. At the same time, EADS is cutting 10,000 jobs because of cost over-runs to the A380 super-jumbo project.

This is the first time that the French government has directed this much funding into the aviation/aeronautics industry, apparently a diversionary tactic to allay damage to their hard-hit automobile/tourism industry. This funding is in addition to a prior pledge of smaller scale assistance to aeronautical suppliers and researchers.

Expect protests from Boeing over the controversial nature of state aid.
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