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EU temporarily clears taxpayer bailout of Dexia bank Belgium
Date 18/10/2011 15:39  Author webmaster  Hits 1376  Language Global
• 18 OCT 2011

WSJ (EU Temporarily Clears Aid For Dexia Bank Belgium)

BRUSSELS (Dow Jones)--The European Commission Monday temporarily cleared the purchase of Dexia SA's (DEXB.BT) Belgian subsidiary by the Belgian government but opened an in-depth probe into the deal.

Belgium earlier this month agreed to buy Dexia Bank Belgium for EUR4 billion. The deal was part of an agreement between Dexia and the Belgian, French and Luxembourg governments to split Dexia, after the bank faced a funding squeeze.

"The Commission acknowledges that the measure is necessary to preserve financial stability," it said in a statement. "However, at this stage, the Commission is not able to conclude whether the acquisition by the Belgian State complies with European Union state aid rules."

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