Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Donors pledge millions at Uganda refugee summit

Read more

MEDIAWATCH

Depp plumbs depths of bad taste

Read more

THE WORLD THIS WEEK

France's new frontman, America's absent center, May's Brexit gambit, Saudi royal reshuffle, after Mosul & Raqqa fall

Read more

REVISITED

Senegal’s Casamance hopes for new era of peace

Read more

THE INTERVIEW

FARC disarmament a 'historic day' for Colombia, says president

Read more

FASHION

Cruise collections: All aboard for Dior and Chanel's latest fashions

Read more

ENCORE!

Colombia comes to France

Read more

#THE 51%

The last taboo: Helping women and girls. Period.

Read more

DOWN TO EARTH

Who benefits when the ice caps melt?

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)