Belgium nationalizes Dexia subsidiary for $5.4 billion

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Belgium gov't to take total control of Dexia Bank Belgium

Belgian Prime Minister Yves Leterme said early Monday his government will take complete control of the Belgian branch of the Dexia bank, which has been victimized by sovereign debt problems.

The move would save Dexia Bank Belgium from risks, Leterme said after a cabinet meeting.

The Belgian government would spend a "reasonable" amount of 4 billion euros (about 5.3 billion U.S. dollars) for the action, according to Belgian Finance Minister Didier Reynders.

France, Belgium and Luxembourg, where Dexia bank is present, reached a deal on Sunday to split the troubled bank. Reynders said the guarantee by the three countries amounted to 90 billion euros (about 120 billion dollars).

France and Belgium previously disagreed on the price of Dexia Bank Belgium, including a retail network, which the Belgian government intended to take over but only agreed to a minimum price.

Editor:James |Source: CNTV



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