Arab Today, arab today 10bn bill on table as hollande and obama meet for dinner
Last Updated : GMT 14:46:26
Arab Today, arab today
Arab Today, arab today

$10bn bill on table as Hollande and Obama meet for dinner

Arab Today, arab today

Arab Today, arab today $10bn bill on table as Hollande and Obama meet for dinner

US President Barack Obama and France's President Francois Hollande
Paris - AFP

When French President Francois Hollande and his US counterpart Barack Obama sit down for dinner on Thursday, sitting between them will be a $10 billion bill over sanctions busting. 
French officials have raised pressure this week to defend BNP Paribas bank from what they see as disproportionate penalties US authorities are set to impose.
Hollande says he will raise the issue at the dinner in a Paris restaurant, but in Brussels on Thursday Obama said he would not interfere in the judicial process.
French officials however have warned the threatened fine could have a dangerous impact on the economy and on bilateral relations.
They say that imposing a big penalty of 7.4 billion euros on the bank, one of the biggest in Europe, could destabilise the financial system, cut lending to businesses and so impede economic recovery.
Hollande, who has already written to Obama complaining about the size of the potential penalty, is to dine with him in Paris on the eve of ceremonies to mark the 70th anniversary of the D-Day landings that changed the course of World War II.
Hollande also hinted on Wednesday that talks to create the world's top trade deal between the EU and US were at stake. 
"Nothing should jeopardise the partnership between France and the United States, because we are engaged in other discussions and we expect reciprocity," he said.
Accused of breaking US sanctions against Iran, Sudan and Cuba between 2002 and 2009, BNP Paribas also risks temporarily losing its US banking licence.
A number of other big European banks are at risk from US authorities for similar sanctions violations.
"This affair could serve as a trigger, for the countries whose big international banks are also susceptible to being caught up by the American procedures," French Finance Minister Michel Sapin told the Le Monde newspaper on Thursday.
French banks Credit Agricole and Societe Generale, Germany's Deutsche Bank and Italy's Unicredit are also being probed.
Many analysts say stiff penalties would neither bring down BNP Paribas nor create risks for the wider financial system.
But former European Central Bank chief Jean-Claude Trichet said penalising banks by prohibiting them from carrying out dollar clearing operations would create systemic risks.
"It is worse than disproportionate, it is a systemic risk for which there is absolutely no need in our country, Europe and the world," he said on BFM Business radio.
- Shadow over free-trade deal -
French leverage would normally be limited against the US justice system, which jealously guards its independence.
But Sapin told the Le Monde newspaper: "This could affect the discussions underway on the free-trade treaty."
The proposed Transatlantic Trade and Investment Partnership could eventually establish the world's largest free trade and investment zone, covering some 820 million people and more than $1 trillion in annual two-way trade.
The EU and United States had hoped to wrap up discussions on the TTIP by the end of this year, although that deadline has been looking increasingly ambitious.
French Prime Minister Manuel Valls said "what we want is fair treatment for BNP Paribas, and this is the discussion that should take place tonight" between Hollande and Obama.
While respecting the independence of US prosecutors, Valls said the US authorities should also be "sensible" to the fact the issue touches upon France's economic independence.
US officials appear to be trying to calm the waters with Secretary of State John Kerry agreeing that the penalties should be appropriate.
"We obviously want whatever it is to be fair and to reflect an appropriateness to whatever it is that is alleged to have taken place," Kerry said Wednesday during a visit to Beirut.
Meanwhile The Wall Street Journal has reported that BNP's board is split over whether one or more heads should fall at the bank to assuage the US authorities, including that of chief executive Baudouin Prot, the report said, citing people close to the matter.
A source close to the talks between BNP Paribas and US authorities told AFP however that "the resignation of Baudouin Prot is not part of the negotiations". 
Sapin also said on Thursday that a number of BNP Paribas employees had already been dismissed in connection with transactions that US authorities believe violated their sanctions.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 10bn bill on table as hollande and obama meet for dinner Arab Today, arab today 10bn bill on table as hollande and obama meet for dinner

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 10bn bill on table as hollande and obama meet for dinner Arab Today, arab today 10bn bill on table as hollande and obama meet for dinner

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today US-made bomb used in fatal strike

GMT 10:16 2017 Saturday ,23 September

US-made bomb used in fatal strike
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday