From a Kitco (https://www.kitcomm.com/showthread.php?t=19066) (Bullion Dealers) forum
QuoteFortis is a large bank and insurer in the Netherlands and Belgium. It took over ABN Amro last year, together with RBS and another bank. Last Thursday, its share lost 17% because Fortis attracted foreign capital.
I was shocked when I read the following, which was brought out 4hours ago:
American 'meltdown' reason for money injection Fortis.
28th of June, 9:10
BRUSSELS/AMSTERDAM - Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. "We have been saved just in time. The situation in the US is much worse than we thought", says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US"
The quoted text above includes a translation of this article (http://www.dft.nl/bedrijven/fortis/4339542/Amerikaanse__rsquo_meltdown_rsquo__reden_geldinjectie_Fortis.html) in the Dutch newspaper
De Financiële Telegraaf
It's been years since I've lived in Amsterdam, but I read the original Dutch and I got some nice little extra tidbits:
Two months ago we didn't know it was so bad going in America.
And it'll probably become worse.
All Belguium newspapers opened with "Foris crashes", "Shitday for Fortis", and "Fortis loses 5.3 billion".
"The Fortis emergency is not a reason for a run on the bank and to grab your money".
"The credit crisis has affect all banks, but it is no excuse".