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SUNDAY, NOVEMBER 8, 2009
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France Shudders at Bank Bailout of Its Own

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(Newser) – As the financial crisis ripples through Europe, France’s banking industry is scrambling to assure investors and customers it will weather the storm, which prompted the country to join in the $9-billion bailout of Belgian-French bank Dexia, reports the Press Association. Dexia's cross-border status amplified the concern, reports the New York Times. “Even if many European banks are more diversified than some American banks that got into trouble, in this business everything is linked,” said one official.

Nicolas Sarkozy yesterday met with banking and insurance officials to assess the weight of the financial crisis and will announce “new measures” by week’s end.

French Economy and Finance minister Christine Lagarde.
French Economy and Finance minister Christine Lagarde.   (AP Photo/Remy de la Mauviniere)
A traffic light is seen in front of the headquarters of Dexia bank in Brussels, Tuesday Sept. 30, 2008.
A traffic light is seen in front of the headquarters of Dexia bank in Brussels, Tuesday Sept. 30, 2008.   (AP Photo/Virginia Mayo)
A man is seen at a branch of the Dexia bank in Brussels Monday Sept. 29, 2008.
A man is seen at a branch of the Dexia bank in Brussels Monday Sept. 29, 2008.   (AP Photo/Geert Vanden Wijngaert)
French-Belgian Bank Dexia building, specialist in lending to local governments that ran up huge losses in its U.S. operations.
French-Belgian Bank Dexia building, specialist in lending to local governments that ran up huge losses in its U.S. operations.   (AP Photo/Francois Mori)
French President Nicolas Sarkozy.
French President Nicolas Sarkozy.   (AP Photo/Claude Paris)
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