Monday, October 10, 2011

Embattled Dexia bank will get a massive bailout...

France, Belgium and Luxembourg are to bail out the troubled bank Dexia, following fears it could go bankrupt.

The Belgian government will buy the bank's division in Belgium for $5.4bn (£3.4bn).

The largely retail operations has 6,000 staff and deposits totalling $107bn for 4m customers.

The plan came after French and German leaders agreed that Europe's crisis-hit banks need to be recapitalised.

Dexia would be left with $121bn in assets, some of which are described as "toxic". They would be covered by state-backed guarantees: 60.5% from Belgium, 36.5% from France and 3% from Luxembourg. Full story...

Don't miss:
  1. Bankers and CEOs raping and pillaging the nation...
  2. Wall Street aristocracy got $1.2 trillion in loans...
  3. They got bailed out, we got sold out...
  4. Salaries for top executives are rocketing 'out of control'
  5. Barclays gives £10m pay and bonus deals to two bankers!
  6. Bailed out Irish bankers get £34m bonus...

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