Fortis bank latest victim of credit crisis
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European shares have slumped to a three-and-a-half year low as the fallout from the credit crisis claims more victims.
One of Europe's biggest banks has been partially nationalised.
It is Belgium's largest employer and now Fortis bank has been bailed out to the tune of $21 billion by the Netherlands, Belgium and Luxembourg.
The deal will partially nationalise the European banking and insurance giant.
Iceland's third largest bank was also nationalised and in Germany the country's second largest commercial lender has received $60 billion in credit guarantees from the German Government in conjunction with a consortium of banks.
On European stock markets there was more bad news.
London was down nearly 5.5 per cent, France 5 and Germany 4 per cent.
