FRANCE TELECOM FINALLY CATCHES UP WITH THE REST OF EUROPE.

France Telecom is the last major operator European to launch a restructuring plan, taking again same painful measures as its competitors: drastic cuts, reductions in manpower and recapitalisation. Under a long-awaited Euro 45 billion restructuring plan, France Telecom will shed 22,000 jobs, issue more stock and reschedule debt payments. The package includes Euro 9 billion in funding from the French state, which owns 55% of the struggling telecom operator. France Telecom intends to make Euro 15 billion in savings between 2003 and 2005 to pay off its debts, according to the restructuring plan officially presented to the press on December 5 by chairman Thierry Breton. Its total debt stands at around Euro...