Europe less affected by sub-prime crisis: French minister

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Gurgaon, Sep 17 (UNI) The US sub-prime crisis will minimally affect European Union countries, French Minister of State for Foreign Trade Anne-Marie Idrac said here today.

''The reason is that our main financial institutions are well protected and take less risk. It is well known that the origin of the crisis lies in inappropriate risk-taking,'' Ms Idrac stressed.

''We have always exercised more prudence,'' she added.

European-based companies or companies of European origin were also confident that their businesses would not be affected because of the crisis.

Mr Ranbir Bose, Head-Communications of French company Steria said, ''We are into retaining our client base. The crisis would not significantly affect our growth.'' Prof Subir Verma, Chairman of Placement and Alumni Affairs, Management Development Institute (MDI), said, ''Exchange programmes and career opportunities fairs give a boost to the students in the present crisis.'' One of the students of the institute, Ms Pooja Ratan said about the crisis, ''Of course we students are scared because of the current market situation, but that does not mean we would stop applying for jobs in the investment banking sector altogether.'' A leading company in the investment banking sector -- Lehman Brothers Holdings Inc -- filed for bankruptcy after risking investment in sub-prime loans.


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