Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

Trump vs Trudeau: Rising trade tensions between US and Canada

Read more

IN THE PAPERS

Marine Le Pen, a 'normal' candidate?

Read more

IN THE PAPERS

Booed in Berlin: Ivanka Trump criticised for comments at women's summit

Read more

EYE ON AFRICA

Tunisian parliament votes to ease repressive legislation on drugs

Read more

MEDIAWATCH

Honouring slain policeman Xavier Jugelé

Read more

THE DEBATE

Trump's best enemy? North Korea in Washington's crosshairs (part 1)

Read more

THE DEBATE

Trump's best enemy? North Korea in Washington's crosshairs (part 2)

Read more

THE CAMPAIGN BEAT

Is there a risk of complacency in the Macron camp?

Read more

THE POLITICAL BRIEF

French presidential elections: A historic first-round result

Read more

Business Europe Europe

Commission approves state guarantees for Dexia

Text by REUTERS

Latest update : 2008-11-20

The European Commission has given the green light to state guarantees worth 150 billion euros offered by France, Belgium and Luxembourg in October to the cash-strapped Franco-Belgian bank Dexia.

The European Commission said on Thursday it had approved a state-backed guarantee for Dexia from Belgium, Luxembourg and France to ensure the survival of the bank and reassure investors.

"The solution found for Dexia shows that cross-border cooperation is possible and can be approved quickly once we have all the relevant information," European Union Competition Commissioner Neelie Kroes said in a statement.

On Oct. 9 Belgium, France and Luxembourg agreed on a joint guarantee mechanism -- covered 60.5 percent by Belgium, 36.5 percent by France and 3 percent by Luxembourg -- to facilitate access to financing for Dexia, hit hard by
the financial crisis.

Date created : 2008-11-20

COMMENT(S)