French Government Rejects Interest Rate Cut: Prime...

French Government Rejects Interest Rate Cut: Prime Minister Edouard Balladur dismissed calls for his government to cut rates, saying such a move would have only a minimal impact on boosting the recession-hit economy and could even hurt it. He also said the French economy has probably hit its trough and is ripe for a recovery, although he could not say when or how substantial it would be. Many businessmen and private economists have been urging the French government to cut interest rates quickly to kick-start the economy, which is plagued with an 11.8% unemployment rate.