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Dexia board to discuss breakup of bank

October 9, 2011

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BRUSSELS—The board of the troubled French-Belgian bank Dexia is scheduled to meet Sunday in Brussels to discuss the breakup of the bank, which is facing a liquidity crisis.

French and Belgian government officials also plan to meet Sunday to finalize the plan to protect the bank's depositors. Both countries became part owners of the bank when they bailed it out in 2008.

Finding a solution is particularly urgent for Belgium, because on Friday Moody's Investors Service placed Belgium's Aa1 rating on review for possible downgrade, due in part to the expected expense of guaranteeing that Dexia's depositors will lose no money.

Dexia has significant exposure to Greece, Italy, and Spain, countries that investors fear might default on their debts.

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