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From the brink

2 July 2009 By Pierre Briancon

The BelgianFrench bank has closed the sale of FSA, its troubled US monoline insurer, for $817m. Dexia is keeping FSA s $17bn portfolio of toxic assets. But after losing E3.2bn last year, the bank is making money in the first half. Cautious confidence in its future is justified.

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