Wednesday, October 5, 2011

Ripples of the impending crisis reach our shores

France and Belgium stand by ailing bank

"A huge rescue operation looks imminent for the Franco-Belgian bank Dexia SA, after France's finance minister indicated that a partial solution to save the bank could be announced soon". "Banks face a 148 billion euro capital shortfall under a base case and a 227 billion shortfall under a stressed scenario, according to analysts at JPMorgan, who say Unicredit , Deutsche Bank, Lloyds, Societe Generale and Barclays each face a deficit of over seven billion euros under its stressed scenario, the Reuters news agency reported". Merkel said, "if a given country cannot (recapitalise) and if the stability of the euro is in jeopardy because of the difficulties in that country, then the possibility of the EFSF can be used," she said, referring to the euro zone's rescue fund.

Posted by alan @ 08:35 PM (1058 views)
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One thought on “Ripples of the impending crisis reach our shores

  • The amounts quoted in this article remind me of the Austin Powers scene where he tries to ransom the world for a million dollars (the world leaders snigger because Powers has been away so long that he doesn’t realise that 1 million is now a paltry amount).

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