A $27 Billion Rescue And It May Not Be The Last

It's the first day of spring, and Credit Lyonnais Chairman Jean Peyrelevade is talking rejuvenation. Seated on a sofa at the bank's Paris headquarters, he is mulling the $27 billion rescue plan--the second in a year--that he hammered out for the state-controlled bank. With a balance sheet cleansed of the ill effects of one of the worst-timed expansion drives in banking history, Lyonnais "is ready to leave this humiliation behind and recoup its pride," he states confidently. "We are ready to start up again forcefully on a commercial basis."

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