“Pierre Mariani, chief executive of Dexia, bristled on Monday morning when analysts used the term “bad bank” to refer to what will remain of the stricken Franco-Belgian lender once the break-up is concluded.  But the shape of Dexia after its dismemberment, imposed upon it after it received a second bail-out in three years, will be a far cry from the diversified financial conglomerate it once was, specialising in the world of municipal financing.”

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