Chronicles Of Depression 2.0: #302: Fortis 2
Saturday, September 27th, 2008: Chronicles Of Depression 2.0: #253: Fortis
Sunday, September 28th, 2008: Chronicles Of Depression 2.0: #270: Fortis Falls
Today, October 3, 2008: Netherlands to buy Fortis assets
The Netherlands will take full control of the Dutch operations of ailing European bank Fortis in a deal worth 16.8bn euros ($23.2bn; £13.1bn).
On Sunday, the Netherlands, Belgium and Luxembourg governments injected 11.2bn euros into the bank, which has a heavy presence in all three countries.
The Dutch government transaction on Friday does not affect Fortis’ Belgian and Luxembourg operations.
Well, that bailout didn’t seem to work!