Word: belgium
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...seems a bizarre moment to down tools. Belgium's banking sector has just taken a particularly hard hit: the strike comes the day after Belgium's biggest bank, Fortis, was sold to France's BNP-Paribas...
...Sept. 29 alone, governments from Germany to Iceland rushed to prop up five ailing financial institutions with huge cash infusions or full-blown nationalization, making it one of the grimmest days in the history of European finance. Among the high-profile casualties were Fortis, Belgium's largest bank; the venerable British mortgage lender Bradford & Bingley; and Germany's Hypo Real Estate, which has a massive $560 billion balance sheet and is a big player in the domestic securities market. As the governments stepped in, the message they sent to the public was supposed to be reassuring: Don't panic - your...
...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...
...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 began. It was a last resort, coming after all efforts to flog the bank or its parts to rivals amounted to nothing. Fortis agreed...
...discovered that a possible Vice President of the United States represents all those tragic values. Does it really seem wise, in an age when the bonds between Western countries should be stronger than ever, to give some Europeans yet an other excuse to reject America? Julien Dumont, LASNE, BELGIUM...