French Finance Minister Bruno Le Maire said on Friday that Renault could disappear if it did not receive help very soon to deal with the impact of the coronavirus crisis, adding that Renault must adapt to the situation.

On the other hand, he subsequently stated that the car manufacturer should be able to maintain as many jobs as possible in France but should also remain competitive.

He added that Renault President Jean-Dominique Senard was nevertheless working hard on a new strategic plan and that Senard had the support of the French government.

The French minister said he had not yet signed a state guarantee for a € 5 billion loan to help Renault cope with the coronavirus fallout.

The government predicts that the eurozone’s second-largest economy will shrink by at least 8% this year. Its budget deficit is set to reach a post-war record level of 9% of economic output this year.

The European Union has given Member States all the fiscal freedom they need to address the economic impact of the coronavirus, allowing governments to open spending taps and postpone EU.