Shares Of Belgian Lender Dexia Smashed After Reports Of Lifelines And A Moody's Warning

Dexia

Photo: Wikimedia Commons

European banks are getting taken for a ride, as you would expect with the steep market selloff happening right now.One big troublespot: The infamous Belgian lender Dexia (background here).

There are reports that both France and Germany are working on a bailout for the bank, as its exposure to public debt is causing a collapse of confidence.

To add salt to the wound, Moody’s is out today with a downgrade warning, citing all of the usual concerns you would have.

Dexia shares off 7.7%. They had been down closer to 12%.

Meanwhile, we wait for the US opening bell, to see how today’s latest rounds of European banking concerns jump the wire, and affect the big financial players.

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