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4 October 2011 Last updated at 09:16 GMT Continue reading the main story Shares in the Franco-Belgian bank Dexia have fallen for the second day running as fears over its exposure to Greece debt continue.
They fell 37% at the open of Tuesday trading after losing 10% on Monday following an alert from the Moody's ratings agency.
Dexia is holding an emergency board meeting amid serious concerns.
The governments of France and Belgium, which are joint shareholders in Dexia, moved to guarantee its debts.
A joint statement from the countries' finance ministers said: "In the framework of Dexia's restructuring, the governments of France and Belgium, in coordination with our central banks, will take all necessary steps to ensure the protection of depositors and creditors."
The two ministers, who are at the wider European finance ministers' meeting in Luxembourg, have been discussing ways to support the bank.
Dexia's shares are worth only just over one euro, so almost any movement will result in a large percentage change.
Market concernsGreece-linked concerns are also hitting financial markets again after eurozone finance ministers delayed a decision on giving Greece its next instalment of bailout cash.
It came after Greece said it would not meet this year's deficit cutting target.
A meeting set for 13 October, when finance ministers had been expected to sign off the next Greek loan, has now been cancelled, says BBC Europe correspondent Chris Morris.
The UK's FTSE 100 index was down 1.5% at the start of trading. France's Cac was 3.3% lower, while Germany's Dax had lost 3.2%.
Greece announced on Sunday that its 2011 deficit was projected to be 8.5% of gross domestic product, down from 10.5% in 2010, but short of the 7.6% target set by the EU and IMF.
Eurozone banks have been hit by cash outflows since the summer amid fears that Greece, and possibly other governments, may ultimately default on their debts, and even leave the eurozone, leaving their lenders sitting on big losses.
Dexia's exposure to Greek government debt totals 3.4bn euros ($4.5bn; ￡2.9bn). Its total exposure to Greece - including to private-sector Greek borrowers - is 4.8bn euros.
It has already written off 21% of its Greek debts, but market prices now suggest the eventually loss to lenders could be in excess of 50% of the amount owed by Greece.
The bank is already partly-owned by the two governments, after it received a 6bn euros joint bailout at the height of the financial crisis in 2008.
There were reports last week that the bank could be split up, and speculation of a possible nationalisation of the bank.
Another option under consideration is the sale of Credit Local, a unit of the bank responsible for lending to French local governments.
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