Francois Hollande: Peugeot job cuts are 'unacceptable' Speaking on national television, the French president insisted that he would press the company to amend the plan. "The plan in the current state is not acceptable, it won't be accepted," he said. Mr Hollande, who took office in May, said the government had asked experts to assess the struggling carmaker's finances and make recommendations for the company. Peugeot denied this week that it asked for a bail-out from the government, after reports in the French press suggested that the carmaker had "asked for a loan" from the state in return for a stake in the company. However, Mr Hollande said on Saturday that the government would consider broader measures to help automakers and create incentives for consumers to buy French cars. Thursday's move was branded a "declaration of war" by the French unions, which have already vowed to fight the cuts. Earlier this year, Peugeot announced a €1bn (£800m) cost-cutting programme on top of 6,000 job cuts announced last October.