The proposed law makes it a crime in France to deny genocide when it has occurred. Turkey on the other hand, has the official position of denying the genocide of 1.5 million Armenians by its precursor, the Ottoman Empire, during WWI.
Turkey also resents French opposition to its entrance in the European Union. French president Nicholas Sarkozy has blatantly said that Turkey does not belong in Europe.
The massive offer is initially at rate of 1% and the rate may be lowered within days. The banks will borrow and it is expected that they will put the money to two main uses:
1. Purchasing sovereign bonds which are offering a much higher interest so the banks are enticed by pocketing the difference but in the process they increase the demand for sovereign bonds of the troubled PIIGS and that will lower the interest those nations have to offer to sell their bonds. This is like the ECB buying sovereign debt (something that Germany opposes) by proxy.
2. Increasing the money supply may loosen lending to the private sector thus spurring the continental economies, most of which are almost in recession.