France's economy minister: Financial war will be long and brutal

France's economy minister Bruno Le Maire said the coronavirus would plunge the country into recession in 2020, according to BFM TV. We are in an economic and financial war. It will be long and brutal, Bruno Le Maire said. The Minister announced a 1% decline in gross domestic product (GDP). This figure will change depending on the development of the situation in Europe and the United States, said Bruno Le Maire. We will go beyond 100% of the public debt, the Minister of Economy admitted, without specifying the budget deficit expected for this year. The Minister of Economy detailed the measures taken on the national and European fronts. France will introduce a 45 billion euro support plan for businesses and employees. To this amount will be added state guarantees in the amount of 300 billion euros to secure bank loans. According to Bruno Le Mera, the protection of enterprises and workers is necessary to ensure that the economic crisis does not turn into a social crisis. According to the news agency, Renault closes all its plants in France until further notice, depending on the development of the coronavirus situation.