Tags: EU | Europe | Dexia

Dexia Shares Plummet After Partial Nationalization

Monday, 10 Oct 2011 09:23 AM

 

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Shares in embattled bank Dexia plummeted 33 percent when they resumed trading Monday after the lender became the first major victim of a worsening credit squeeze in Europe.

Shares slid to 0.57 euro Monday afternoon in Brussels. They had been suspended Thursday as governments in Belgium, Luxembourg and France were figuring out how to save the bank.

The bank's management announced earlier Monday that the Belgian state would buy its home retail arm for 4 billion euros ($5.4 billion).

The three governments meanwhile provided 90 billion euros in guarantees for Dexia's funding while the bank readies the selloff of other businesses.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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