DEXIA PLUNGES: GOVERNMENTS IN FRANCE AND BELGIUM PROMISE TO STEP IN

Dexia: It got crushed yesterday, and then held an emergency board meeting last night.

Nothing’s resolved of course. Only that the CEO will take the “necessary measures” to fix the company.

The stock is off 22% after being down 30%.

UPDATE: Via Anjuli Davies at Reuters, there are comments from Belgian and French finance ministers that Dexia will be protected through the French and Belgian central banks, with an eye towards safeguarding depositors and creditors.

This looks like the first huge bank bailout of 2011.

UPDATE II: Belgian government to hold a special meeting regarding Dexia tonight.

chart

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.