Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Sarkozy Holds Emergency Meetings as French Banks Reel | Europe | Deutsche Welle | 30.09.2008
French President Sarkozy was to meet with French banking and insurance chiefs Tuesday in the wake of the refusal of the US Congress to approve a finance bail-out.

The aim of the meeting at the Elysee Palace is to "review the situation of the financial institutions as well as the availability of credit to households and companies," Sarkozy's office said Monday, but the defeat in the House of Representatives of the plan to rescue the US finance sector will add urgency to the talks.

Last week, Sarkozy had vowed that the French state would come to the aid of any financial institution at risk of failing, to ensure that depositors did not lose any of their savings.

Late Monday, the governments of France, Belgium and Luxembourg agreed in principle to inject 6.4 billion euros ($9.2 billion) into the struggling Franco-Belgian financial services group Dexia.

by Fran on Tue Sep 30th, 2008 at 03:24:44 PM EST
[ Parent ]
This morning's Canard Enchaîné reports that France's largest savings bank, the Caisse d'Epargne, is in need of cash.

Caisse d'Epargne has issued a denial.

by afew (afew(a in a circle)eurotrib_dot_com) on Wed Oct 1st, 2008 at 02:17:02 AM EST
[ Parent ]
[Drew's WHEEEEE™ Technology]

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Carrie (migeru at eurotrib dot com) on Wed Oct 1st, 2008 at 02:28:27 AM EST
[ Parent ]
Any banks which is suspected is dead in the water. Expect a bailout plan for Caisses d'Epargne in the next 24 hours...

(This one will be fun to negotiate: the Caisse des Dépôts, the usual suspect for a capital injection, is pissed off at Caisses d'Epargne for their take-over of Natexis - it was done in a hurried way while the previous boss of CDC was in the hospital, against his specific instructions, robbing CDC of its influence in the company)

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Wed Oct 1st, 2008 at 04:47:18 AM EST
[ Parent ]
I've been waiting for this bit of fun for over a year now, counting the nuts moving in and out of "the squirrel's" coffers.

Expect fucktard Millaud to pull a last-minute stunt like taking over the floated remains of Natixis, that would give him a few billions in relapse (he doesn't like the market value of natixis, which is just a fraction of its net asset value, because assets are overvalued of course, so he could eliminate the "market" in the "value").


by Pierre on Wed Oct 1st, 2008 at 05:41:36 AM EST
[ Parent ]


Occasional Series