🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

France angry with Poland after it scraps Airbus deal

Published 10/07/2016, 01:05 PM
Updated 10/07/2016, 01:10 PM
France angry with Poland after it scraps Airbus deal

By Marine Pennetier and John Irish

PARIS (Reuters) - France reacted angrily on Friday after Poland scrapped a multi-billion-dollar helicopter deal with Airbus, warning it would review defense cooperation with its NATO ally and cancelling a presidential visit to Warsaw.

Poland had agreed to buy 50 Airbus utility helicopters in April 2015 for 13.5 billion zlotys ($3.5 billion) as part of efforts to modernize its military at a time of tensions with Russia.

Its previous centrist government, beaten by the Law and Justice (PiS) party in elections last October, had agreed the provisional deal, but on Oct. 4 the new authorities said they were scrapping the contract altogether.

Members of the new euroskeptic government have said they would rather see the deal awarded to a company that could build the helicopters locally.

"The Franco-Polish bilateral relationship will undeniably be extremely affected by this decision," a French source close to the matter said.

"The contract's cancellation will force us to review all the defense cooperation that we have with Poland and see what can be maintained and sadly what can't in the current context."

Without indicating which investments, the source added that the French government, which holds roughly 11 percent in Airbus, would advise the firm to review its strategy in the country, including investments that had already been made.

A source in the French presidency had earlier said President Francois Hollande had decided to cancel a visit to Warsaw next week for intergovernmental consultations, in protest.

In a speech on Friday, Prime Minister Manuel Valls took a swipe at Poland at a time when the European Union is trying to reinforce its common defense policy in the face of growing concerns over Russian foreign policy, Islamic militancy and the refugee crisis.

"Poland is a big country, but questions need to be asked of Poland, notably its defense industry, after the choices that have just been made," Valls said.

"As far as France is concerned, we're worried because negotiations had started, but also for the very concept of European defense."

Polish media has reported that Warsaw has already begun negotiations with U.S. firm Lockheed Martin's Sikorsky, manufacturer of locally-produced Black Hawk helicopters that could be purchased by the Polish army as soon as this year.

As well as boosting Poland's defense industry, buying Sikorsky helicopters could further strengthen Warsaw's ties with Washington, already its closest ally.

"Before we had a center-right platform that understood it was in Poland's interest to go beyond the U.S. axis and have a bilateral relationship with France and Germany," a French diplomatic source said.

"But clearly the PiS doesn't understand the benefits for Poland, which are frankly huge in its European arena."

Poland’s government spokesman and the defense and economy ministries were not immediately available for comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.