Australia reaches settlement with France over scrapped submarine deal

Australian Prime Minister Anthony Albanese speaks during a joint press conference with New Zealand Prime Minister Jacinda Ardern following a meeting at the Commonwealth Parliamentary Offices in Sydney, Australia, June 10, 2022. REUTERS/Loren Elliott

WELLINGTON (Reuters) - Australia Prime Minister Anthony Albanese said on Saturday that his government had reached a 555 million euro($583.58 million)settlement with France's Naval Group over the decision last year to scrap the French submarine deal.

"This is a fair and equitable settlement," said Albanese in a news conference.