Today's Banking Bailout Is...
Dexia, a French-Belgian lender who has just got a $9 billion handout from public shareholders to help keep it afloat today.
Ever heard of them? No, neither have I. The point is surely if it takes $9 billion to keep them afloat how much is needed to keep them all going? All over the world? A lot more than the "mere" $700 billion on the table I'd say.
After all-night negotiations, the Belgian government announced that it and other Belgian stakeholders would invest $4.26 billion in Dexia. The French government is contributing $1.42 billion, the French state-controlled Caisse des Depots $2.84 billion and the Luxembourg government would also invest $518.82 million, according to a statement from the Belgian prime minister's office.
Trading in Dexia's shares were suspended Tuesday on the Euronext exchange as Prime Minister Yves Leterme of Belgium announced details of rescue, which follows a bailout of Fortis, a Belgian-Dutch lender on Sunday.
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Ever heard of them? No, neither have I. The point is surely if it takes $9 billion to keep them afloat how much is needed to keep them all going? All over the world? A lot more than the "mere" $700 billion on the table I'd say.
After all-night negotiations, the Belgian government announced that it and other Belgian stakeholders would invest $4.26 billion in Dexia. The French government is contributing $1.42 billion, the French state-controlled Caisse des Depots $2.84 billion and the Luxembourg government would also invest $518.82 million, according to a statement from the Belgian prime minister's office.
Trading in Dexia's shares were suspended Tuesday on the Euronext exchange as Prime Minister Yves Leterme of Belgium announced details of rescue, which follows a bailout of Fortis, a Belgian-Dutch lender on Sunday.
Next...