European authorities rescue Dexia

The Belgian and Luxembourg authorities on Tuesday presided over their second bank bailout in as many days, rescuing Dexia, the world's largest lender to local government, along with their French counterpart.

The move, which will raise €6.4 billion ($9 billion), followed a 30% fall in Dexia's share price on Monday on fears the bank could default on some of its loans.

Yves Leterme, Belgium's prime minister, told Reuters, a news agency, that the authorities had little choice but to support the l

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