Jean-Luc Dehaene

"Dexia is restoring profitability," he said. Jean-Luc Dehaene, chairman said: "Dexia is now on the mend. "

Read more: Dexia returns to the black | In this article: Dexia, Revenue, US, France, Luxembourg, and Belgium

"I think there's a high chance that it will be Dehaene," said Carl Devos, political scientist at Ghent University. "He has the experience, he's been prime minister, and would be an effective crisis manager."

Read more: Belgium seeks new PM to steer it out of crises | In this article: Belgium, Fortis, Yves Leterme, E-mail, European Union, Reuters, Brussels, and Recession

"The board of Dexia group has decided to enlist Jean-Luc Dehaene and Pierre Mariani, a member of the BNP Paribas executive committee, as members of the board," a statement said.

Read more: Finance, Business and Company News - Yahoo!7 | In this article: Yves Leterme, BNP Paribas, Dexia, Nicolas Sarkozy, Yahoo, and Paris

Mariani, 53, and Dehaene are candidates "of the highest order," said Leterme. Mariani was French budget minister in the 1990s and is a former head of Sarkozy's office. "It's a strong sign of confidence for the market,"

Read more: Finance, Business and Company News - Yahoo!7 | In this article: Yves Leterme, BNP Paribas, Dexia, Nicolas Sarkozy, Yahoo, and Paris

"I am confident that we will be able to monitor and oversee the financial fair-play system that will ultimately lead to a more stable financial regulation of European football," Dehaene said.

Read more: UEFA picks experts to monitor top clubs' finances | In this article: Michel Platini, Europe, Champions League, Brian Quinn, Celtic, Chelsea, Bank of England, and AC Milan

In a statement, Dexia Chairman Jean-Luc Dehaene said the cuts were "difficult but necessary to adapt our group to the demanding conditions of a lasting turnaround."

Read more: Dexia sees big fourth quarter loss due to US unit | In this article: Dexia, U.S., E-mail, Societe Generale, BNP Paribas, Belgium, Boston.com, France, and Luxembourg

Dexia Chairman Jean-Luc Dehaene said: "This guarantee, together with the previous state guarantee on Dexia wholesale funding and the recent capital injection by Dexia's core shareholders, enables Dexia to face with confidence this major global financial crisis."

Read more: Dexia to sell U.S. unit FSA after huge Q3 loss | In this article: Dexia, FSA, Ambac, U.S., Fortis, Wilbur Ross, and Belgium

Dexia chairman Jean-Luc Dehaene said the deal would "allow Dexia to drastically reduce its exposure to the U.S."

Read more: Dexia swings to 1.5 billion euro 3Q loss | In this article: Dexia, U.S., Belgium, Brussels, France, and Luxembourg

"We have reached an agreement that stabilises Dexia, an agreement that is all the more important in the topsy-turvy world in which we are living," chairman Jean-Luc Dehaene said on a conference call. Dexia shares, which have lost 65 percent of their value since the start of the year, surged following the announcement and were showing a gain of 20 percent at 6.03 euros shortly ahead of midday in Brussels. "This agreement that we have just reached is an expression of the three governments' very firm support for Dexia,"

Read more: Finance, Business and Company News - Yahoo!7 | In this article: Dexia, Luxembourg, Yahoo, Brussels, Fortis, EU, France, and US