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Belgium seeking to soften economic crisis shock, says PM

BRUSSELS - The Belgian government is working on a plan to soften the effects of the financial crisis on the nation’s economy, Prime Minister Yves Leterme said in an interview published Saturday.

“We are a hair’s breadth away from a serious economic crisis,” he told Le Soir.

“Liquidity problems for the banks, and the problems in respect of savers, are going to translate into problems for enterprises, small and medium sized businesses, independents, economic activity in general, export credits.”

But, he said, the damages could be “strongly limited.”

In the days to come everyone, the social partners, the regions, would be brought togther to draw up a “precise inventory” of the steps to be taken, he said.

Leterme said Belgium had set an example in Europe with its swift reaction to the banking crisis by intervening to help the troubled Dexia and Fortis banks.

A package of measures now needed to be worked on which should ”guarantee the capacity of reaction of our economy to the crisis.”

“I am convinced that the Belgians are going to suffer less than some of our European neighbours, because we are going to take the economic measures in time,” Leterme told the newspaper.