Euro shrugs off French bank strike

The banking strike failed to disrupt the distribution of the euro in France

PARIS, France -- A strike by French banking unions failed to disrupt transactions on the first working day after the switch from the franc to the euro.

Last-minute agreements between some trade unions and banks and the large number of employees still on holiday meant Wednesday's industrial action had limited effect.

The chief of the FO union said the strike -- over pay, work conditions and security arrangements for the euro launch -- was followed by 40 percent of workers at Societe Generale, Credit Lyonnais and Credit du Nord.

Finance Minister Laurent Fabius, who had repeatedly called on the workers not to strike, said bank employees had shown a sense of responsibility by not disrupting the introduction of euro cash.

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"According to the information at my disposal, this strike movement has been ignored completely. Why? Because we managed to show that, really, a sense of responsibility had to prevail," he told Radio France Internationale.

"You cannot take the euro hostage."

The strike had raised fears of chaos if people had been unable to change francs at their banks for euro cash.

In practice, cash machines were working and people able to carry out transactions at most banks.

Societe Generale said less than 25 percent of its workers were on strike and more than 80 percent of its branches open.

Credit Lyonnais put participation among its workforce at 20 percent, with 80 percent of branches open.

BNP Paribas, one of only two banks to have reached a draft accord with unions, said less than five percent of its workers were striking and all its branches were open.

'Winter of discontent'

A strike over similar grievances by postal workers had even less impact, and La Poste said in a statement that just three percent of workers had obeyed the strike call by late morning.

The five unions that called the bank strike nonetheless threatened another day of action later this month.

The unions have been seeking a collective agreement, but banks want to agree deals of their own.

BNP Paribas and Credit Agricole, which has the largest retail bank network in France, are the only banks to have reached draft accords with unions.

Most people shrugged off the inconvenience caused by the strike.

"I don't know what it's about, but they have the right to strike," one woman outside a closed bank branch told Reuters. "I'll do tomorrow what I was going to do today."

The strike came against a background of what was described as a "winter of discontent" in France.

Others to stop work have included museum workers, air traffic controllers, went teachers, hospital workers and police.