Credit Lyonnais: This Time, The Bailout May Work
Here they go again. France wants to throw billions more into the black hole that is Credit Lyonnais. Bailouts of the state-owned bank are a recurrent nightmare for European Union competition officials. Three times in the past five years, French governments have upped the ante for rescuing Credit Lyonnais from mismanagement and incompetence. After months of haggling and missed deadlines, the EU and the French government hope to announce on May 20 a final rescue plan of about $16.6 billion to replenish the bank's capital and clean up losses on bad loans.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.