i on europe

Icon

Brussels blog by some wire service journalists

Restructuring, loans to Greece cost Dexia $8.7B

BRUSSELS — Dexia, the Franco-Belgian lender that had to be bailed out last month, said Wednesday the firesale of its Belgian retail business and losses on Greek government bonds cost it almost euro6.32 billion ($8.74 billion) in the third quarter.

In a sign of the uncertainty over the situation in Greece and whether the country will actually implement a bailout deal reached with the eurozone and private investors late last month, Dexia decided to take a larger loss on its Greek bond holdings than the one negotiated in the Oct. 27 deal.

Dexia SA did not provide an overall net profit or loss figure for the quarter since it’s in the middle of being split up. Proceeds from sales of additional businesses, including Turkish subsidiary DenizBank and Dexia Bank International Luxembourg, could cushion the losses the bank published Wednesday.

READ THE FULL STORY HERE.

Advertisements

Filed under: Story links

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Don Melvin

Slobodan Lekic

Raf Casert

%d bloggers like this: