BIG PIS: The CEO Of Europe's Most Troubled Bank, Dexia, Quits As Contagion Tsunami Sweeps Over Belgium

Tyler Durden's picture

Just when we thought the world was running out of headlines, here come something that will send futures scurrying for even more safety. According to Belgian Nieuwsblad, the CEO of Belgium's biggest bank has just resigned. As a reminder, Dexia is the one European bank that in the 2008-2009 period borrowed more money from the Fed than anyone else, and which we have discussed on several occasions in the past few months as being rumored to be on the receiving end of a variety of liquidity "complications" and countreparty concerns. Typically rumors of that nature, coupled with the sudden departure of the CEO, end up being proven as fact shortly to quite shortly. In other news, we are happy to announce the expansion of the PIIGS to BIG PIS following the arrival of the latest country to join the sovereign and bank funding crisis.

Google Translated

Stefaan Decraene, the chief executive of Dexia Bank Belgium, leave the company. That tells the time and is confirmed by Dexia. He is succeeded by Jos Clijsters.


Dexia's departure Decraene tonight confirmed in a press release. The bank also announced that it Jos Clijsters by the board of directors was appointed new CEO of Dexia Bank Belgium. "The experience of Jos Clijsters in the financial sector and his knowledge of Dexia guarantee the continuity and development of the bank to serve its customers," it sounds.


The new vice chairman of the executive Marc Lauwers, the board member responsible for the Belgian retail bank.


According to Time, there are "strong indications" that Decraene (46) will switch to the French financial giant BNP Paribas, the parent of Dexia's rival Fortis. Confirmation has not yet.


Not the first


The departure comes at a time when Dexia's very difficult, and the financial markets to deal with a growing crisis of confidence in investors and creditors. The departure of Decraene may be the result of tensions between the Belgian and French arm within the group. It's no secret that it was difficult to find Decraene the Frenchman Pierre Mariani, Dexia's CEO of the entire group.

Earlier this year already got several other executives of Dexia, including Xavier de Walque, financial director of Dexia Bank Belgium, and Wim Vermeir, an asset to the ancien Dexia Asset Management.

h/t Sudden Debt

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speconomist's picture

GIPSY B- ???








WoodMizer's picture

BIGPIGS, if you count Greece twice.

eisley79's picture

count scotish banks, and you got yourself a BIG PISS

eisley79's picture

Europe is going to R. kelly the world's financial system right on cue to justify QE3, then we are only one more dead cat bounce from QE4 which will have no effect, and the Great Depression 2 can finally get rolling.

Buck Johnson's picture

You got that right.  I'm getting a very very bad feeling that the when individuals in charge of large banks or institutions just up and leave like that, it usually means he's getting out while he can.  The rats are leaving the ship and it's suddenly starting to look as if all of them are going out the door at the same time.  Belgium has had issues for a few years now, what has happened is that the media has been focused on Greece then Ireland then Greece (remember Spain said there was nothing wrong and Italy was saying there was nothing wrong) then Spain and Italy.  Now Belgium is coming out and as someone else said Scotlands banks are in just as bad of a shape. 


So your correct, it should be called BIG PISS.  And that is what they all will do to each other and the EU

jaffa's picture

In some countries such as Germany, banks have historically owned major stakes in industrial corporations while in other countries such as the United States banks are prohibited from owning non financial companies. In Japan, banks are usually the nexus of a cross share holding entity known as the keiretsu. Thanks a lot.
small business factoring

jaffa's picture

Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. Non banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account. Thanks for sharing.
granite countertop toronto

Ahmeexnal's picture

no need for counting twice. germany is the other G

but the sheeple hardly notice.

they are more interested in the latest reality crap show: which "illegal" immigrant gets worthless fiat paper as he gets deported.

WEG VAN NEDERLAND:,1518,783830,00.html

Perotinus's picture

It would be nice to know what precisely the Netherlands have to do with Belgium (besides the fact that the Belgian kicked them out of their territory in 1830)?

TruthInSunshine's picture



What he's not saying is that it's actually far worse than 2008 (he is insinuating it, though):

European banks face collapse under debts, warns Deutsche Bank chief Josef ... - Louise Armitstead - ‎3 hours ago‎ Josef Ackermann, the chief executive of Deutsche Bank, Germany's biggest bank, has warned that "numerous" European lenders would collapse if they were forced to book their losses on stricken sovereign bonds. By Louise Armitstead Mr Ackermann said that ...

Ackermann unplugged
FT Alphaville (blog) - Neil Hume - ‎11 hours ago‎ RTRS – SOME BANKS WOULD NOT SURVIVE HAVING TO REVALUE ALL SOVEREIGN DEBT AT MARKET LEVELS – SPEECH TEXT. A statement of the obvious you might think. But what makes the above interesting is the source: outgoing Deutsche Bank chief executive, ...
Europe crisis could destroy banks - ‎55 minutes ago‎
Europe's sovereign debt crisis will stunt bank profit for years and could kill off the weakest, Deutsche Bank Chief Executive Josef Ackermann told industry bosses, amid intense scrutiny of the sector's finances. "Prospects for the financial sector ...
Agenzia Giornalistica Italia - ‎10 hours ago‎ (AGI) Frankfurt- Josef Ackermann, Deutsche Bank CEO, has announced he will step down as chairman of the IIF in 2012. He stated, "In the new year I will leave my post" at the Institute of International Finance; in 2012 he will step down as CEO of ...
MayIMommaDogFace2theBananaPatch's picture

Pitkinville, Montana -- the little town with big heart and BIGPIGS!!!

cue to 2:22's picture

Rather than BIG PIS how about BIG SIP? That's what they get when they belly up to bar at Jean Claude & Bennie's.

DoChenRollingBearing's picture

That's good!

BIG SIP.  A keeper.

Now how do we add the "A" for America?

Sudden Debt's picture

What are that? PIGS that swing both ways?


walküre's picture

You should be on the move.. to Germany that is.

ParaZite's picture

Bi Pigs = everybody's getting raped!

robobbob's picture

never fear bearing, so long as America has at least one aircraft carrier battle group still floating, we will never join the sovereign soup kitchen crowd.

sgorem's picture

one carrier and 100 admirals at the helm matey.......

Roger Knights's picture


PIG SIB? (sibling) (pig brother)

sgorem's picture

we might as well add Luxembourg(they'll bite the dust as well sooner or later) AND call them the BIG yeah? maybe?........

Cash-NonCash's picture

GYPSY anything is appropriate but the best anagram for this is "Aw snap, aw snap. Come to my macaroni party and take a nap".


walküre's picture



Anonymouse's picture

Given that the problem comes from banks, I suggest we hearken back to Basel and go with


At least until France and Netherlands join in.  Then DoctorMad's suggestion has to be the winner.

Al Gorerhythm's picture






European Union

Republic of Ireland


HistorySquared's picture

No chance Ben realizes these losses.

Mongo's picture

Herman von Rumpoys home turf... EU spreading their fescies around...

Dismal Scientist's picture

Where's Sudden Debt when you need your resident Belgian ?'s picture

That's one Belgian that doesn't waffle.

Sudden Debt's picture

I'm always here :)

If I have any adiction, it's ZH, and silver collecting :)

MayIMommaDogFace2theBananaPatch's picture

Sure, you can stop reading ZH compulsively anytime you feel like it, BUT can you sit still for just one minute?  That's what I thought.

Rome is burining's picture

Good man! Not many other places worthy to spend your time and money on ! Close to the best show in town for a buck!

walküre's picture

Still in shock.

Once he recovers, he may be booking a ticket, packing his stuff and rushing to an airport or train station?

Don't count on him just yet. He'll come back posting from Germany.

Sudden Debt's picture

If I ever leave my country, it will be to somewhere HOT!


Flakmeister's picture

Don't think they'll like your kind in Texas....

Sudden Debt's picture

I actually have some friends in Texas :) I love the food. To bad your flag kind of looks like it fell on it's back....


Kuri's picture

I'm half belgian, half Italian. My wife is japanese. Hard to find a place to escape... But wait... i've have some relatives in Canada !!! Canada... is a great place to start a new life , no ???

Flakmeister's picture

Yep... but you might want to check the weather is not to everyones liking.

Sudden Debt's picture

Here in Belgium it rains 367 days a year. Just imagine how that's possible....

 and if it doesn't rain we blame global warming.


Ag1761's picture

SD if you don't like the rain then don't come to Scotland, the rain here makes Belgium look like a desert

lance_manion's picture

Maybe not, but it keeps out the riff-raff. 

Flakmeister's picture

As do I.... but Austin is not exactly typical of Texas. Once had pan-fried oysters with Habanero peppers in Tex-Mex Nouveau Cusine kind of bistro there... One of best meals I have ever had in the US

New_Meat's picture

"... but Austin is not exactly typical of Texas."

Don't cha' know.

- Ned

{271.8 square miles separated from reality in all directions}