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...
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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...
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