Crédit Lyonnais

Crédit Lyonnais in Europe

Description of Crédit Lyonnais

The Concise Encyclopedia of the European Union describes crédit lyonnais in the following terms: [1] A state-owned French bank, encouraged under President François Mitterrand’s regime to conquer the financial world. Eventually, after a lending and spending binge, it was rescued in the second half of the 1990s at a cost to French taxpayers estimated at over FFr150 billion ($23 billion) – arguably the largest banking disaster in European history. The Crédit Lyonnais scandal revealed numerous irregularities, epitomised the shortcomings of politically motivated management and brought France into conflict with the Commission, which considered the bail-out terms to be anti-competitive (see more in this European encyclopedia). It was later claimed that the scale of the catastrophe was deliberately understated by the authorities lest the truth undermine EMU and the drive towards European integration.

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Notas y References

  1. Based on the book “A Concise Encyclopedia of the European Union from Aachen to Zollverein”, by Rodney Leach (Profile Books; London)

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