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A compensation agreement was reached on Saturday June 11 between France and Australia, following the cancellation last September of a 56 billion euro contract for the construction of submarines. Australia will pay 555 million euros to France.
After nine months of submarine crisis between France and Australia, a compromise was found on Saturday June 11. Australia will pay 555 million euros to compensate the French company Naval Group and to settle the breach of contract. In September 2021, Australia had reneged on its commitment to buy 12 French submarines. “I consider that a meeting with President Macron, in France, is absolutely essential” declared Anthony Albanese, Australian Prime Minister, who wants to restore good relations with France.
The 555 million euros in compensation represents less than one percent of the initial contract which amounted to 56 billion euros. This sum should allow the French company to pay the first expenses incurred in the project. Diplomatic relations between France and Australia had been strained since this breach of contract. Emmanuel Macron had accused former Australian Prime Minister Scott Morrison of deception.
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