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Monday, October 10, 2011

EU In Denial

Dexia (the bank that passed "Stress Test II" a few months ago), as expected, was nationalised over the weekend.

After the nationalisation was announced, the French Finance Minister, Francois Baroin, stated that he didn't think any more banks would need to be rescued by governments.

"Ironically", following on from his statement, Greece's central bank has activated a bank rescue fund to save Proton Bank (ie they have nationalised it)!

Proton is under investigation for possible violation of anti money laundering laws.

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