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Dexia Agrees To Franco-Belgian Rescue Deal

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BRUSSELS-PARIS/REUTERS - Franco-Belgian bank Dexia agreed early on Monday to the nationalisation of its Belgian banking division and secured 90 billion euros ($121 billion) in state guarantees in a rescue that could pressure other euro zone governments to strengthen their banks.

Under the terms of the rescue, Belgium will pay Dexia Group 4 billion euros ($5.4 billion) to buy Dexia Bank Belgium, the largely retail Belgian division, which has 6,000 staff and deposits totalling 80 billion euros from 4 million customers.

Dexia also secured state guarantees of up to 90 billion euros to secure borrowing over the next 10 years. Belgium would provide 60.5 percent of these guarantees, France 36.5 percent and Luxembourg 3 percent.

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Hungary’s Russia Energy Veto, Palestine Flare-Up, Asteroid Close Shave

Mourners carry the body of one of the nine Palestinians who were killed by Israeli troops on Thursday, during a raid in the city of Jenin in the occupied West Bank.

Ginevra Falciani, Inès Mermat and Laure Gautherin

👋 Azul!*

Welcome to Friday, where Viktor Orbán says Hungary will veto any European sanctions aimed at Russian nuclear energy, violence erupts in the West Bank a day after nine Palestinians were killed by Israeli troops, and phew, a minibus-sized asteroid brushes past the Earth. Meanwhile, Hong Kong-based digital media The Initium looks at how China’s poor management and distribution of COVID-19 medication have led people to turn to generic drugs of questionable safety.

[*Tarifit, Northern Morocco]

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