EU welcomes Dexia deal

BRUSSELS : EU anti-trust chief Joaquin Almunia welcomed on Monday the "stabilising effect" of a deal between Belgium ,

Published October 10, 2011 Updated October 10, 2011 12:40pm

1 min

By Muhammad Iqbal

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The EU executive, responsible for ensuring commercial fair play to protect the single European market, "takes note of the announcement made by the French, Belgian and Luxembourgish authorities of a new restructuring plan for Dexia," Almunia said in a statement.

"It welcomes the stabilising effect of the agreement on the banking group and for the financial system as a whole."

The European Commission's competition authorities under Almunia are already monitoring promises made in exchange for state aid granted to Dexia when it was bailed out in 2008 and will again have to approve the latest restructuring.

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