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September 30, 2008

European Efficiency?
Posted by Patrick Barry

Another great post from NSN Press Assistant Hanna Lundqvist:

While the United States was wrangling over the $700 billion bailout bill yesterday, three European governments came together to save Dexia, a French-Belgian bank.  One of the world's largest lenders to local governments, Dexia fell into the credit crisis through its U.S. operations and reached a point of emergency after the drop in the global stock market yesterday.  This morning, the Belgian Prime Minister's office announced a $9 billion capital infusion from various government and state-controlled sources in Belgium, France and Luxembourg.  The move makes Dexia one of the "most solvent" banks in northern Europe and ensures continued essential funding for local governments worldwide.  Following the announcement of the bailout, shares in Dexia rose 18.1%, with investors made confident by the governments' actions.

In comparison, after the failure of the $700 billion U.S. bailout plan, the Dow Jones dropped 777.68 points and NASDAQ fell 9.14%.  The multi-government bailout of Dexia clearly illustrates the benefits of swift, decisive action and contrasts alarmingly with the actions of the U.S. government yesterday.  With markets around the world anticipating that a bailout deal will be reached soon, the potential for a catastrophic crash remains if the U.S. government does not, or cannot act.


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