Arab Today, arab today 10 billion euro rise in cleanup costs for dexia
Last Updated : GMT 19:52:56
Arab Today, arab today
Arab Today, arab today

10 billion euro rise in clean-up costs for Dexia

Arab Today, arab today

Arab Today, arab today 10 billion euro rise in clean-up costs for Dexia

Brussels - AFP

Belgium, France and Luxembourg raised Wednesday the volume of state guarantees placed behind the remnants of failed banking group Dexia from 45 billion euros to 55 billion. The decision was taken during talks in Brussels on Tuesday between the Belgian and French finance ministers, Steven Vanackere and Pierre Moscovici, and immediately received temporary clearance from European Commission competition authorities. Only last week, EU competition commissioner Joaquin Almunia expressed doubts whether even the existing level of state aid would turn out to be legal, but already extended then by four months Given those reservations, the Commission last Thursday extended by four months an investigation into an \"orderly resolution plan\" for Dexia, and prolonged temporary approval for the 45 billion euros of guarantees initially thought needed to re-finance the group. On Wednesday evening, the Commission announced it had approved the 10.0-billion increase until 30 September, when a final decision will be taken on compatibility with EU state aid rules following its assessment of Dexia\'s resolution plan. First bailed out in 2008 at the height of the global financial crisis, Dexia could not cope with the turmoil of the eurozone debt quagmire and in October the three countries stepped in to wind up the bank. Belgium is responsible for the lion\'s share of the operation, putting up 60.5 percent of the financial guarantees as against 36.5 percent from France and 3.0 percent from Luxembourg. European banks are back in the spotlight with a vicious circle of sovereign and banking debt taking a severe turn for the worse with major problems in Spain and EU leaders forced to talk of creating a eurozone banking union complete with plans for lenders to prepare for their own demise.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 10 billion euro rise in cleanup costs for dexia Arab Today, arab today 10 billion euro rise in cleanup costs for dexia

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 10 billion euro rise in cleanup costs for dexia Arab Today, arab today 10 billion euro rise in cleanup costs for dexia

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday