Crisis and Whispers (Crise et Chuchotements)

Fortis Luxembourg Bank’s situation is catastrophic, when on Friday, September 26, 2008 Luc Frieden, Luxembourg’s Minister in charge of the financial sector calls the bank’s CEO. The subprime crisis and the reckless takeover of the giant ABN AMRO, by its Belgian parent, Fortis Group, has left Fortis Luxembourg on the brink of bankruptcy. A Luxembourgish team led by the Minister of Finance, has three days to prevent the Fortis Luxembourg downfall, only to be informed the day after that the country’s other major Bank Dexia-BIL is now also facing a similar disaster.

The pressure on the team is huge as the small country’s economy would face terrible consequences from the failure of its two major banks.