Belgium's hopes of rescuing Dexia, in a clean and market pleasing manner, have been dashed.
The European Commission has started to investigate the "plan", and assess whether the Euro4BN paid by Belgium contains state aid and, if so, whether it complies
with EU rules on restructuring support.
As with all Eurozone rescue "plans", this appears to have been made up on the spur of the moment in a state of panic.
Now repeat after me:
THERE IS NO PLAN!