From Goldman, October 5, 2011: "Our thesis was that, given time, Dexia’s legacy assets should run down, its unrealized loss pull to par (independently of credit spreads), in turn boosting equity growth and reducing funding requirements. The opposite took place: a deepening sovereign crisis increased the riskiness of these assets, resulting in a wider AFS negative reserve and forcing higher losses on disposal as well as higher than anticipated funding requirements. The headroom to progressively delever is therefore taken away and forced immediate action, as announced by the bank on October 4." From Zero Hedge, May 25, 2011: "Is Belgium's Dexia About To Be The First Greek Casualty?"
Verdict? DEXB.BB stock price since May: