France to Ignore Basel III?

France is at the center of the Eurpean crisis as it tries to save its banks and refuses that they should take deep losses. The Wall Street Journal reports that French minister Valerie Pecresse said that once the expanded European Financial Stability Facility is approved, it "will be able to lend to certain countries that need to recapitalize their banking system, but France won't make use of the EFSF."
Ms. Pecresse also said that "If public funds are necessary, the French state stands ready to respond to a demand for public funds for the banks,"

Here is the more interesting bit:

The new standards [...] "will be drafted taking into account market tensions, and not necessarily Basel III standards".

BASEL III is a new global regulatory standard on bank capital adequacy and liquidity agreed by the members. It was developed in a response to the deficiencies in financial regulation revealed by the global crisis Basel III strengthens bank capital requirements and introduces new regulatory requirements on bank liquidity and bank leverage.