Bank of Canada injects cash to thaw frozen credit
Globe and Mail Update
September 30, 2008 at 12:21 PM EDT
OTTAWA — The Bank of Canada is injecting an additional $4-billion into short-term money markets as a means to thaw the flow of credit, which has essentially frozen around the world.
Dexia bank gets multi-nation $9.2B bailout
Tuesday September 30, 11:12 am ET
By Aoife White, AP Business Writer
Dexia bank gets $9.2B bailout from governments, shareholders
BRUSSELS, Belgium (AP) -- Dexia became the second Belgian bank this week to get a government and shareholder bailout Tuesday when Belgium, France and Luxembourg said they would inject almost $9.2 billion to keep it afloat.
Dexia's CEO Axel Miller -- who immediately stepped down -- said the bank had no real option to asking for state help because "our feeling was clearly that this week is going to be very tense on the market and we might be ... one of the banks that might be put under pressure."
Dexia, a French-Belgian specialist in lending to local governments that ran up huge losses in its U.S. operations, closed nearly 30 percent lower Monday -- triggering emergency talks with government officials.
This came barely two days after Belgium, the Netherlands and Luxembourg moved to save Fortis bank on Sunday, pumping 11.2 billion euros ($16.4 billion) after its shares shrank by a fifth Friday. Traders saw the bank as overleveraged....