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Dexia's Belgian Bank To Be 100% Nationalized
Earlier today, Reuters reported that the final solution for Dexia is imminent. "The governments of France, Belgium and Luxembourg reached agreement on Sunday on a rescue package for Dexia , which will be put to the stricken Franco-Belgian bank's board later in the day for approval. "The governments... have reaffirmed their solidarity in finding a solution to secure the future of Dexia," said a statement from the office of Belgium's caretaker Prime Minister Yves Leterme. "The suggested solution, which is also the result of intense consultations with all partners involved, will be submitted to Dexia's Board of Directors for approval." Sure enough, from Dow Jones:
- GOVERNMENTS AGREE TO NATIONALIZE 100% OF DEXIA'S BELGIAN BANK
We are waiting for more details but with that we have Belgium-Dexia CDS compression, an imminent Belgian rating downgrade, and the unleashing of the completely unpredictable domino effect.
Oddly enough, it is none other than Qataer, which last weekend made news with a full out grab for Greek gold, that is now picking off the Dexian carcass:
Qatari Sovereign Fund Seen As Buyer Of Dexia Luxembourg Bank
The Qatar Investment Authority, the nation’s sovereign wealth fund, is the leader of a consortium of investors that is set to buy Dexia SA’s Luxembourg retail banking subsidiary, a person familiar with the discussions said Thursday.
The sale is part of a plan to break up Dexia set in motion after Moody’s Investors Service this week warned that the bank’s heavy dependence on wholesale funding threatened its stability.
The Luxembourg government would have a blocking minority stake in the business, Dexia Banque Internationale a Luxembourg, if the deal is finalized, which could happen over the weekend, the person said.
Some more on what the full "package" will look like again from Reuters:
French President Nicolas Sarkozy was due to meet German Chancellor Angela Merkel on Sunday in Berlin to thrash out differences on how to use the euro zone's financial firepower to salve a sovereign debt crisis that threatens the global economy.
Germany and France have so far been split over how to recapitalise shaky European banks. Paris wants to tap the euro zone's 440 billion euro ($594 billion) European Financial Stability Facility (EFSF) to recapitalise French banks, while Berlin is insisting the fund should be used as a last resort.
Dexia's overhaul will likely see its French municipal financing arm split from the group and merged with French state bank Caisse des Depots and Banque Postale, the French post office's banking arm.
The Belgian government wants to nationalise Dexia's largely retail banking business in Belgium.
Healthy units, such as Denizbank in Turkey, will be sold.
A 'bad bank' supported by state guarantees will hold 95 billion euros in bonds, including 12 billion euros of sovereign debt of weaker euro zone periphery nations.
Including 7 billion euros of securities linked to U.S. mortgages, France and Belgium may need to provide guarantees to cover up to 200 billion euros of assets, which would be more than 55 percent of Belgian GDP.
The key issues for Sunday's talks will be how to divide up the 'bad bank' assets, how much Belgium should pay to nationalise Dexia's Belgian banking business and whether others, such as Belgium's regions, would be involved in its purchase.
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MVS, Not off topic at all,
my post above quoted Khalid Al-Falih, "it needs alot of debt" he did not say " needs alot of cash"
Thanks for the hypertiger link
Finally some good news to: the entire boards needs to step down because they failed in their managment.
Good news, when can we expect Morgan Stanely to drop?
It is the ultimate moral hazard re-asserting itself. The "Government" will step in and take care of everything. They took care of FNM/FRE, any/all equity holders, and basically after Lehman said 'never again'. If nothing bad can ever happen, why in the world should we do anything other than get massively long? If markets see this as a positive, we will have affirmation that the markets know everything and nothing. Scary stuff boys and girls.
Well at least Ben and Timmy will have to juggle more chainsaws and pumpernickel sandwiches while chained to old economic models and analytics. Hilarity shall ensue folks
.
sounds expensive and purposely designed to "dim the lights." Sounds like Belgium needs another King Leopold as a "caretaker." We've got some space up here in New York if he want's to stake a claim.
"The key issues for Sunday's talks will be how to divide up the 'bad bank' assets, how much Belgium should pay to nationalise Dexia's Belgian banking business"
0?
guasilas... Don't believe it.
The key issue is 'are any of the banks crappy bonds going to get haircuts and if so who is going to get a buzz cut'...
Second on agenda (maybe first)... How much of this Dexia crap debt can we transform into austerity for crurrent and future citizens in order to avoid hair cuts for the greedy idiots that purchased this shit.
You nailed it, the devil will be in the detail. Obviously common stock holders will be wiped out, but I bet that holders of Dexia bonds will be paid in full by the taxpayers of the nationalizing states. Bond holder haircuts just can not be let loose.
The question is, will the european stock markets tank - because the prescedent for shareholder wipe outs has just been set. Or will they rally- because bond default contagion is once again postponed.
I am betting Sarko and Merkel will be having a heated debate about the fate of the bondholders tonight. Which ever way it goes the market will take it as a prescedent for how future bank failures will be handled.
If the nationalised bank does not default on its bonds I dont see how any CDS claims could be made. And this is where the banks have the politcians right over a barrell. Nobody knows who will be the winners or loosers if the CDS are triggered, or what the effect would be. Bad certainly, but how bad?
So with the collusion of ISDA the banks and politicians, we may find that, amazingly, there has been no default on Dexia bonds. The taxpayers are again screwed to an extent they fail to understand, but that `its all good` the stock markets can rally.
disclaimer: I do not know nearly enough about the legal defenitions in CDS to know if the above scenario could play out.
I thought you meant "sundays Talk shows" In the USA, the two party branding system has this set up where they inject similar statist mind control in the people. This week, we got Biden on meet the press giving bohner a reach around "We need strong republicans, bohner cantor and I got to some really personal moments during the debt ceiling debate. We need the big strong sexy republicans back, not these tea party hobbits"
Say what you will about Herman Cain, but I say he is getting the Ron Paul/Kusinic treatment circa 2000.
Sorry for the digression. Lets get back to the big sexy Euroe politicians working together, using IMF dollars.
I don´t mean to be negative on part of the Belgians but here is my 2 cents:
http://www.youtube.com/watch?v=-gb0mxcpPOU&feature=related
So we can expect the upside down market to tkae this as good news on monday? *shakes head*
Its always on the weekend.....I wonder what kind of phones Sarkosy and Merkel use..I bet they are good ones...they get used a lot...
But Sudden Debt is right..the Sheeple do not care..they do not even know...that is what is scary
Dexians untie
Always the weekend for a reason...no way out...they suck the outsiders dry....leading them up the garden path during the week and then bammmm...it's comical...the masonic retards are deluded.
The final collapse will be on a weekend.
I would hope that any rescue/nationalization would not penalize current management such that their bonuses are left intact.
"The governments of France, Belgium and Luxembourg reached agreement on Sunday on a rescue package for Dexia , which will be put to the stricken Franco-Belgian bank's board later in the day for approval."
This is sick! So if rescue package is too small (read: Christmas bonuses too small) the board will reject the rescue?
WTF
At the end of this proces there will be ONE european and ONE american bank .... just as planned. Nothing new here, move along.
This can't possible, they passed the stress test twice!
Ya..... the stress test went kinda like this: Do you think we can get these saps in Belgium to guarantee all this shit? Yes? OK, you pass.
"Everything will be allright - the government will take care of us."
It is breathtaking to see how completely so many Europeans have been brainwashed. Like little children who believe in both the omnipotence of their parents and the everpresence of magic. Charming in children - frightening in adults.
Except they don't have one(government). While I agree with you in principle, the amazing thing in most US persons is how they'll substitute government for corporation. "Guess what Ma? I got me a job at Walmart!" "Great work Sunny Boy, now you're autonomous." Are you picking up on my sarc?
More of a philosophical question.
Eat shit, yank. The real naive children of this planet are...Americans. You really believe in your own bullshit about American exceptionalism or "spirit".Oh yeah, the rest of us just could not even put two fucking legos together without you guys.
"You are not a beautiful and unique snowflake. You are the same decaying organic matter as everyone else, and we are all part of the same compost pile. ~Chuck Palahniuk, Fight Club, Chapter 17"
America is exceptional. If you believe in naturalism, this is the place to which more talented and energetic people have come than any other, so our genetic pool is superior. If you believe in God, we're one of the few places where that belief is still respected.
Tyler, please post the chart showing Dexia as number 1 on the stress test, again. I could use a good belly laugh.
Qatar getting it's slice of the Zionist pie for helping 'liberate' Libya and supporting the genocide ... I wonder what they'll be getting for Syria...
CUNTS
How no one mentioned Qatar earlier is beyond me, these bastards are truly Euro-Vultures. Shit, I'm not Belgian but this is an absolute joke.
muffled cough, china...
Who put Mao in power...?
Dexia= Dooky Bank
France loses its AAA rateing in 3..2..1..
Germany will need to decide if AAA rateings are worth leaveing the euro over.
Is AA rateing the new AAA? Stay tuned to find out.
Lets call recapitalization what it is - another bailout. This is the ultimate challenge to democracy. Can Eurocrat "ministers" sell their nations and people down the river one more time or will the people finally say enough. Signs are not looling good.
The whole function of "their people" is to get sold down the river.
Touche'. My first thought: will Ben come to the rescue? What's another 16 trillion anyways.
15/07/2011
Dexia’s strong capital base would enable it to weather the set of assumptions of the EBA stress tests, while still maintaining strong capital ratios, even if these assumptions look very conservative, notably for sovereigns, local authorities and the potential evolution of the funding costs.
http://www.dexia.com/EN/journalist/press_releases/Pages/CP_Stresstest.aspx
Thanks for the reminder Earl. So we know how strong all those other banks that passed the Stress Tests are...
Dexia Nationalized, if I had PM's in a safety deposit box, I would get them out now.
Precious metals, bitchez!
After watching this it only appears to me the government will just continue to plunder Dexia. 60 to 1, wow!
http://www.youtube.com/watch?v=nZghuBzBVDglast line seems the most important: "state bailout of Belgium next." Does anyone actually think that's possible? Hmmm. Let's look at now Greece is going. "These aren't banks failing. These are countries failing." Or "being failed" as the case may be.
Former British PM John Major made some interesting comments on the BBC earlier today : he said that Greece should default soon because everyone's waiting for it anyway, and he said that the next step is that the Eurozone becomes a Federal entity and that Britain should look to renegotiate its membership to regain some of the sovereignty it has ceded to the EU over the last 40 years.
They should just let it go busto instead of trying to save it.
That would be more power for the people and less for the ruling class. Never happen.
UK : OCT 9, 2011
Further round of quantitative easing 'possible'There is "quite a lot of scope " for a further round of quantitative easing, a senior member of the Bank of England's Monetary Policy Committee said today.
Martin Weale said that while central banks should not be seen as the solution to the "world's problems", a third round of QE was possible.
His comments came following the recent decision by the Bank to boost its QE programme - effectively printing more cash - from £200 billion to £275 billion and hold interest rates at 0.5%.
http://www.independent.co.uk/news/uk/politics/further-round-of-quantitative-easing-possible-2367976.html
Are you sure? Have been waiting for the games to begin for some time now.But the beat just goes on.
They all despise each other good luck with spreading the banking pain amongst them all. French and German peoples prepare for your Belgian based austerity .. heeh.
Domino = Downgrades of soveriegn ratings.
This is the best news for equity bulls and gold bulls alike.
You guys should be cheering for:
- More stimulizations, cash for clunkers, homeowner incentives
- More outright takeovers and nationalizations of the banking industry
- Increased powers for the ECB and Federal Reserve
- More money printing
- Increased use of derivatives to drive interest rates even lower
- More mysterious "overnight surges" in equity futures
- More end of day "stick saves" in stock indexes.
After all.......
Gold $2,000 = Dow 13,000
Gold $2,500 = Dow 14,000
Gold $3,000 = Dow 15,000
And the ONLY way General Jim's TRX will make the 900% rally necessary to get back to its 5-year highs is for the Dow to go to 20,000.
I'm going long wheelbarrows...
QE3 eminent...
'mercan X-Mas shopping season right around the corner.
I guess sovereignty is a hard sell to an artificial intelligence that exists only as the collective input of a massive voluntary community.
it's scary to think how true this can be. In other words "if governments have all the gold then the easiest solution is to push both equities AND gold higher." There's a BIG problem (and many little one's) with this "final solution"...but i'll let you all figure that one out.
The market reaction will be one of jubilation and I believe the demise of the markets predicted for 10/10 might be well misplaced. At this juncture any response, regardless of how ill-advised, is seen as 'the save play'. Most euphoria is born out of the belief that disaster has been averted. Kicking the can has become the favorite international pass-time.
Been saying it all week: more bank nationalizations to follow. It's being considered the better alternative to endless bailouts, extend-and-pretend, and a sword of Damoclese hanging over the heads of the governments. They know they have major banks with major problems due to the trans-Atlantic Ponzi scheme that made the bankers billions.
But it means the taxpayers and citizens will pay for ALL of the banker's frauds and mistakes. ALL. Each country will have to decide whether or not to pull an Iceland and not pay back part or all of the Ponzi debt or possibly risk de-stabilizing their country's finances and political system. Because austerity will be used to pay back the nationalized bank debts
Austerity is for the suckers, baby!
again "these aren't bank bailouts, these are country bailouts." Wait 'till the English "wade ashore." THAT's your "troika."
When Asia opens, gold up $50; that is, until the takedown.
Don't give Qatar or anyone in East Asia and the Middle East anything but cash trash. Oil and broken plastic crap that ends up in a land fill. That is worth cash trash IMO.
I hope the Greek people lynch anyone who sells off real Greek assets. Even a can of Greek olives.
If Europe and the Western world sell off their hard assets, including gold and silver to these card sharks, then they should go straight to hell and burn forever.
Given the 'investment' from Qatar, does the whole CDS/Sovereign downgrade spiral get triggered? thanks...
And if the NYSE is knocked offline tomorrow, what then?
To be honest with you.. really nothing. The Equities desk will just close as EOBD.
It is Columbus Day tommorow, Holiday.
At 6:00 EST we shall see.
If Gold rallies on the news = non event. good Tues open
If Gold sells off on the news, someone is recapping to avoid bad news = bad Tues open. IMHO
Cramer will have a feild day with this one.. Buy! Buy buy buy!! Bye!! Bohya Jim! I'm not trying to make friends (obviously) I'm just here to make you Mad money!! His stance will be like.. I told you so..
Were not Greece, were not Europe, but we are looking more and more like Europe every day, especially Cramers (Cry More) new collars he is wearing. Remember, this isn't 2008, it's something worse so I agree with him.
When something somewhere comes from the brink of destruction, the market rallies.. go figure?
Luxemburger Wort (one of the biggest Luxembourgish newspapers) already reported last Thursday about a possible Qatari link to buying the Luxembourgish branch of Dexia.
Here's a link: http://www.wort.lu/wort/web/letzebuerg/artikel/2011/10/163598/dexia-bil-...
In another article, Luxemburger Wort posted a rumour that Russian Sberbank (Spermbank?) is interested in taking over the Turkish Deniz branch of Dexia: http://www.wort.lu/wort/web/business/artikel/2011/10/163880/sberbank-an-...
I think eropeans are kinda gayish, they love their government's b@ttfo^#$ng the taxpayer with the banksta's bills and ask for seconds.
That;s true. Sberbank has been scooping up banks in czech republic, austria and slovakia since spring. Google VolksBank Sberbank and you'll find tons of articles that the main stream press in the west has been ignoring. The only ones with real cash these days are the Russians and now they are buying the banks... I've been positioning for this since last year.
well, just like any restructuring, if the government doesn't fire the ENTIRE board of directors and change the CEO and place an honest person in charge of the company who'se incentives are matched with managing whats left of the bank in an honest fashion.
what are the odds of this scenario unfolding, particularly when we all know this bank recieved a mASSIVE bailout from the fed in 2008 and is deeply wrapped up with incentives and exposures to the biggest u.s. banks, and possibly a whole bunch of criminal activity in the u.s. ---perhaps funding the CIA like previous foreign banks used to do.
like the bank of commerce international. http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International
this is the main suspicion i possess dexia was given so many billions of fed loans. the CIA always needs at least one major foreign bank to launder their money in coordination with a domestic u.s. bank.
but , i could be wrong. makes no difference really.
http://www.dexia-investments.ie/
I wonder how that will work out.
In this banking Shell Game, you can't identify the players without a scorecard.
http://georgesblogforum.wordpress.com/2011/10/09/scorecard/
Big problem? Just rush to the stockroom and pull a BIG solution off the shelf. Nothing to worry about, nothing bad will happen next week - we will run out of patience before they run out of "solutions." However the day will come when the stockroom is bare...
Good bye Dexia...
http://www.youtube.com/watch?v=djZFHTa6TfA
Commander, set Debt Star course for BAC - will be stopping en-route at
BNP Paribas, SocGen and some insignificant Greek banks also.
http://www.youtube.com/watch?v=o9CcNrQChzA&feature=player_detailpage
disabled vet your posts are usually worthless as tits on a boar hog.
Belgium isn't my bag baby, but it sounds like they are following the line that most nations took up. Bail the Banks and keep Banker bonuses flowing.
Sweden is my bag baby, and they got it far closer to right when they dealt with their bank collapse back years ago. Though as usual even the new management got in trouble lending in the Baltics. The Balts are eating austerity sandwiches and sending out their young women as whores in order to pay off Swedish banks. But that is the Balt's own fault for trying to make good the bad debts owed to the Swedish bankers.
Excellent.
I love it when a plan comes together.
Hey Velo Babe, are you back on the meds?
Cheers
Nationalisation? Yes, that'll solve all of Dexia's counterparties' problems. As if Belgium had two extra centimes to rub together.
This will put the cat amongst the pigeons.
http://www.telegraph.co.uk/finance/yourbusiness/8815294/Tycoons-back-onl...
It is a good idea. And those guys are doers.
The Osbourn/treasury plan is not. It has been concieved to help the RBS & Lloyds Bank with their own re structuring of shitty debt.
If the UK government would pass the promissed legislation to allow business to use credit unions we would see a lot more of this happening at local level.
French President Nicolas Sarkozy was due to meet German Chancellor Angela Merkel on Sunday in Berlin to thrash out differences on how to use the euro zone's financial firepower to salve a sovereign debt crisis ...
There is no sovereign debt crisis. "Sovereign debt crisis" is pure bullshit.
If governments borrow more than they can pay back, simply let them go bankrupt and banks loaning the money take the loss. It's very simple, very straightforward. It's natural market forces doing what they naturally do, purging bad debt the natural way, via default of the borrower and loss to the lender.
Had this natural market force been allowed to work in '08, there would have been no financial crisis in America. Large Wall Street investment banks would have taken massive losses they certainly deserved, gone bankrupt, end of story.
... that threatens the global economy.
No, there is no threat to the economy. "Threatens the global economy" is bullshit too. It's scare tactics. Just like Hank Paulson threatening America's economy would collapse if those large Wall Street investment banks were allowed to go bankrupt. It's nonsense. The economy wouldn't have collapsed. Just the opposite. It would have started recovering. Rapidly.
Germany and France have so far been split over how to recapitalise shaky European banks.
Don't recapitalize them. Sit back, let them take their losses, go bankrupt, and shut down. Again, it's natural market forces purging bad debt and irresponsible people from the system.
Trying to prevent that simple natural logical unwind from happening is difficult. Somebody has to come up with money to replace what was lost. That's the difficult part. Who wants to do that? Who wants to give money to a bank that pissed all their money away lending it to governments they knew couldn't pay it back? No sane person would do that.
So governments simply steal it from their citizens. Via inflation. Governments instruct their central bank to print currency and give it to the banks to replace what those banks lost. Printing currency inflates the money supply, reducing the value of the currency. Now paychecks don't go as far. They don't buy as much. The government silently stole wealth from citizens to bail out irresponsible banks. So the government can keep borrowing money it won't ever pay pack.
"Recapitalizing banks" is simply a cover story for stealing wealth from citizens.
That's it in a nutshell.
Exactly. Let the cleansing blood of bankruptcy wash away the generational malinvestment. Bring it on.
All I read is how good this is for the banks. France, Belgium, Germany all back the plan. Lets go have some Bratwurst now. Next. Bet we go higher by the close tomorrow. This is all so absurd. But I still am not shorting this market.
The Dexia nationalization will start a new trend:
1) Nationalize bad banks before they "fail" or before the start of a deposit run.
2) Quarantine and ringfence the bank to prevent adverse domino effects and contagion by "making good" on all that bad bank's counterparty obligations
3) Government holds a private "fire sale" of branches, loans, specific assets, etc. to willing international vultures seeking "bargains" (Chinese plutocrats, Russian oligarchs, etc.)
4) The rich swoop in, buy distressed assets at 15 cents on the dollar
5) Armchair anarchists keep waiting for the riots and the disintegration, but it never happens.
6) The gulf between the ultra-rich and the poor gets even wider
Any questions???
7) Worthless securites nobody wants are sold to the central bank (at full "par" value) for newly printed currency. Bankers walk away with money in their pockets (to inflate your AAPL & NFLX), citizens get stuck with worthless securities.
No, no questions Robo. We understand why you support this banker theft of citizen wealth.
This is probably the most cognitive post I've seen from you in a long time.
Regarding #5... they are running out of magic tricks and shell games. The disintergration is getting closer and closer by the day. No amount of posts to the contrary will prevent it.
Even though I find the majority of your posts completely asinine, I certainly hope you are prepared.
yes, one, why didn't your mother swallow?
Nationalized a bank that was buying muni bOnds. I'm sure their problems are completely isolated to this bank. Also, the fact that it took weeks of back and forth international posturing to bailout a bank no one outside a bunch of digital dickweeds had heard of is probably not cause for alarm either. Now Eagles losing 4 games in a row? Collapse.
so because this is such a wonderful event we rally on monday?
Our market is closed for the Holiday. conveniently, but they trade overseas.
so because this is such a wonderful event we rally on monday?
Its all about kicking the can down the road just a little farther...just like the CFTC with position limits.
Bart Chilton publicly ripped his CFTC colleagues over their stall tactics on implementing position limits Thursday....anybody think he is for real?
Okay. I’ve got a question:
I understand the significance of this event and recognize the potential danger that it represents. From the comment chains I see that many others understand as well.
Where are you getting your news? I searched CNN for Dexia and got squat. Google News leads to a few basic articles but nothing that leads to the concerns that I see here. Bloomberg has the most info I found but it is focused on the agreement.
Dexia's Midnight Front-runners...
Coming up: France loses AAA. Then the EUR is toast, mark my words.
"that's not whats printed in the mainstream press so it can't be true"
What bunch of retards! You just put your finger on the heart of the problem here : these scum bankers are strong only because we (the majority) are weak guillable lazy...
"I believe it because I want to believe" said the line in the old Capra movie. Sums up our times perfectly. The wake-up call will be TOUGH for the unprepaired...
+1000 to you Sir! Now we have identified only one of the Main Problems.
Media suppression, Bankers turned Gangsters under the guise of "fixing the problem"
It's all nice and dandy but... There's always a "but" somewhere, eh?! THEY DON'T HAVE ENOUGH MONEY TO "NATIONALIZE" ALL SO THEY NEED TO PRINT
=more "liquidity"
= more PMs going up
= AAAs get hammered etc etc etc
Me think staying short is the right way to go for now!!! Once SP is below 900 we talk again! In the end all speculation is worthless given that TPTB own the game and can change rules on a dime!!!
So now to watch my FAS puts to get max moneys before the US bailout via CDS conduits kicks in..
I almost pee my pants everytime I see that avatar. Thnx.
hey! new capital is new capital and the old money can "veto" the new owners; we can all sleep on a pillow of waffles tonitght, BiCheZ!
didya get the part where the bad bank = (paste): A 'bad bank' supported by state guarantees will hold 95 billion euros in bonds, including 12 billion euros of sovereign debt of weaker euro zone periphery nations. (end/my emphasis)
we tried that here, esp w/ fannie&freddie, and now people are screaming bloody fuking murder that the whole sordid bunch of bankster bullshit is gonna get paid off instead of people's social security; the failed fraudsters put their failed fascist claims upon the state to pay, and "the people" (doesn't matter where) get ass-raped. well, FUK YOU!!!!
Qatari Sovereign Fund Seen As Buyer Of Dexia Luxembourg Bank
The Qatar Investment Authority, the nation’s sovereign wealth fund, is the leader of a consortium of investors that is set to buy Dexia SA’s Luxembourg retail banking subsidiary, a person familiar with the discussions said Thursday.
The sale is part of a plan to break up Dexia
ya gotta love tyler's Qataer which invited thoughts of our elegant ms lastrange lagarde and her penchant for la haute Qataer
Breaking News
Cameron calls for 'big bazooka' action on euro David Cameron in an interview with FT has urged European leaders to take a “big bazooka” approach to resolving the eurozone crisis, warning they have just a matter of weeks to avert economic disaster
http://link.ft.com/r/UXDMSS/307K9U/GDY02/III9M8/16221D/VU/h?a1=2011&a2=10&a3=9
Nationalization is just a word to keep sheep grazing.
The govt. will have a blocking minority status, bullshit. Then I would say see you later and not even buy into it even for a minorty stake.
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