{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Belgium nationalises Dexia subsidiary for 5.4 billion dollars' data-url='/boclips/videos/5c54bd91d8eafeecae1351a5' data-video-url='/boclips/videos/5c54bd91d8eafeecae1351a5' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nBelgium nationalises Dexia subsidiary for 5.4 billion dollars\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e+Night Shots+1. Exterior Dexia headquarters 2. Close up Dexia sign at entrance 3. Interior news conference, mid of Belgian caretaker Prime Minister Yves Leterme (right) and Finance Minister Didier Reynders (on screen left)4. Cutaway of...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e+Night Shots+\u003cbr/\u003e1. Exterior Dexia headquarters \u003cbr/\u003e2. Close up Dexia sign at entrance \u003cbr/\u003e3. Interior news conference, mid of Belgian caretaker Prime Minister Yves Leterme (right) and Finance Minister Didier Reynders (on screen left)\u003cbr/\u003e4. Cutaway of media \u003cbr/\u003e5. SOUNDBITE (French) Yves Leterme, Belgian caretaker Prime Minister:\u003cbr/\u003e\"We are happy to have reached the principal objective and that is to free Dexia Bank Belgium of all the charges and risks that could arise from the environment of the holding of Dexia SA. Through the acquisition of 100 percent of the shares of Dexia Bank Belgium we secured that bank even more than it was until now. So all the citizens, the households and businesses, individuals and physical and moral persons can be sure certain that their money is completely safe, on savings and on current accounts, is in total safety at Dexia Bank Belgium.\"\u003cbr/\u003e6. Computer screen, tilt up to journalist writing\u003cbr/\u003e7. Reynders holding up Dexia board members approval paper \u003cbr/\u003e8. Cutaway of media\u003cbr/\u003e9. SOUNDBITE (French) Didier Reynders, Belgian Finance Minister:\u003cbr/\u003e\"We made the offer of four (b) billion euro (5.4 (b) billion US dollars). There was a lot of talk again today about the price between three (4.04 (b) billion US dollars) and eight (b) billion (10.8 (b) billion US dollars). I think the price of four billion is a reasonable price. If you deduct the first payment of cash to Dexia, which will happen immediately, we then have 3.73 (b) billion which we have to pay net though the state. This will increase our debt by approximately one percent of our GDP (Gross Domestic Product). This will increase our public debt, but we will stay under 100 percent of GDP in terms of indebtedness. We are currently around 97 percent, so it will go to around 98 percent.\"\u003cbr/\u003e10. Cutaway of cameramen \u003cbr/\u003eEmbattled bank Dexia announced on Monday that the Belgium state will buy its Belgian subsidiary for four (b) billion euro (5.4 (b) billion US dollars) as part of a restructuring of the bank amid a severe liquidity squeeze.\u003cbr/\u003eDexia is the first large European bank to need a state bailout since the financial crisis of 2008, after it came under intense funding pressure due to its exposure to highly indebted eurozone states like Greece, Italy and Spain.\u003cbr/\u003eOn top of the nationalisation, the governments of Belgium, France and Luxembourg together will provide an additional 90 (b) billion euro (121 billion US dollars) in funding guarantees for the bank for up to 10 years.\u003cbr/\u003eBelgium will provide 60.5 percent of these guarantees, 36.5 percent will come from France and the remaining 3 percent from Luxembourg.\u003cbr/\u003eAt the same time, Dexia's board is in negotiations with French banks Caisse des Depots et Consignations and La Banque Postale to find a solution to the financing of French local authorities, in which Dexia played an important role.\u003cbr/\u003eBelgium's caretaker prime minister Yves Leterme said that the support from the state ensures that all of Dexia's clients \"can be sure and certain that their money is in full security at Dexia Belgium.\"\u003cbr/\u003eThe announcement followed marathon negotiations between the three governments and the bank's management.\u003cbr/\u003eOfficials were worried that a collapse of the bank would exacerbate an already tight funding environment for banks in Europe, as analysts warn of a credit crunch similar to the one that followed the collapse of Lehman Brothers.\u003cbr/\u003eAt the same time, the Belgian and French governments were concerned that putting up more money for bank bailouts would threaten their credit rating and drive up interest rates on their bonds.\u003cbr/\u003eBelgian finance minister Didier Reynders said that the country's debt 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