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...More hand-outs from the public purse looked unlikely in the face of what the government already spent over the past week bailing out both Fortis and another bank, Dexia: a total of $10.6 billion, or almost $1000 per Belgian. "Even before the bank bailouts, the budget was tight and growth prospects were low, so it's hard to see where the money can come from," says Pierre Blaise from the Brussels-based centre for socio-political research (CRISP). "This could also have an impact on Belgium's international reputation...

Author: /time Magazine | Title: Amid Financial Crisis, Belgians Go on Strike | 10/6/2008 | See Source »

...Outside the Brussels stock exchange, union members distributed peanuts, and leaflets saying "Purchasing power: what's left? Peanuts." But as the Belgian government struggles to keep up with the spiralling financial crisis, those peanuts might have to last for a long time...

Author: /time Magazine | Title: Amid Financial Crisis, Belgians Go on Strike | 10/6/2008 | See Source »

ANTWERP Margiela The MoMu Museum presents an exhibition celebrating the 20th anniversary of avant-garde Belgian designer Martin Margiela (through...

Author: /time Magazine | Title: Calendar | 10/6/2008 | See Source »

...Tuesday, France, Belgium and Luxembourg said they'd pump $9.2 billion into troubled bank Dexia after news of its U.S.-linked losses sent its share price falling 30%. That followed Sunday's announcement that Fortis, the Dutch-Belgian insurance and banking giant, had been partially nationalized through a $16.4 billion injection from the three Benelux governments, each of which will acquire a 49% stake in operations in their respective countries. In Britain, meanwhile, the government announced this week it had taken control of problem mortgages from Bradford & Bingley, Britain's second biggest mortgage lender. Despite those moves amid the spreading...

Author: /time Magazine | Title: World Markets React with Caution to US Crisis | 9/30/2008 | See Source »

...late Sunday at the latest, it was obvious that Fortis had committed a catastrophic folly. Less than a year after the blockbuster deal, the Belgian, Dutch and Luxembourg governments agreed to inject $16 billion into an ailing Fortis, laid low by ongoing uncertainty in global credit markets. In return for the lifeline, each of the three Benelux governments took a 49% share in Fortis' banking units in their own countries. The part-nationalization of Belgium's biggest lender, which, with a worldwide staff of 85,000, is Europe's largest to be bailed out so far since the credit crisis...

Author: /time Magazine | Title: Lessons from Europe's Big Bailout | 9/29/2008 | See Source »

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