BELGIUM: French Prime Minister Francois Fillon meets with Belgium counterpart to finalise Dexia bank break-up ahead of a board meeting of the banking group

Record ID: 827346

  • Title: BELGIUM: French Prime Minister Francois Fillon meets with Belgium counterpart to finalise Dexia bank break-up ahead of a board meeting of the banking group
  • Date: 10th October 2011
  • Summary: BRUSSELS, BELGIUM (OCTOBER 9, 2011) (REUTERS) BELGIUM AND EUROPEAN FLAGS ON PALACE WHERE BELGIUM AND FRENCH PRIME MINISTERS ARE MEETING ABOUT DEXIA BELGIAN CARETAKER PRIME MINISTER YVES LETERME AND BELGIUM FINANCE MINISTER DIDIER REYNDERS MOTORCADE ARRIVING FRENCH PRIME MINISTER FRANCOIS FILLON GETTING OUT OF CAR, SHAKING HANDS WITH LETERME, ENTERING BUILDING MOTORCAD
  • Embargoed: 25th October 2011 13:00
  • Keywords:
  • Location: Belgium, Belgium
  • Country: Belgium
  • Topics: Business,Finance
  • Reuters ID: LVAAN59F836LC64YZROJITOO9K6M
  • Story Text: The French and Belgian prime ministers were set to finalise on Sunday (October 9) the break-up of Dexia as the bank's collapse added urgency to renewed talks among European leaders over how to counter the euro zone sovereign debt crisis.
    French Prime Minister Francois Fillon arrived at 1000 GMT in Brussels, ahead of a board meeting of Dexia scheduled for 1300 GMT.
    Fillon met Belgium's caretaker prime minister, Yves Leterme and Luxembourg's finance minister, Luc Frieden.
    The Franco-Belgian lender Dexia has large operations in Luxembourg as well.
    Dexia's board is due to seal the dismantling of the Franco-Belgian lender, which has global credit risk exposure of 700 billion US dollars, more than twice the size of Greece's gross domestic product.
    Dexia is the first bank to fall victim to the euro zone sovereign debt crisis.
    It was forced to seek government help this week after a liquidity crunch hobbled the lender and sent its shares into a tailspin.
    The burden of bailing out Dexia led ratings agency Moody's to warn Belgium late on Friday that it may downgrade its Aa1 note for government bond ratings.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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