i on europe


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.


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