Dutch hold emergency debate

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Dutch hold emergency debate

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The Lower House holds an emergency debate on Tuesday to discuss the financial crisis.

THE HAGUE -- The Lower House held an emergency debate on Tuesday on the global financial crisis and the EUR 4 billion bailout of Fortis bank. Although the House supported its decision to rescue Fortis, the opposition said the government approved Fortis’ takeover of ABN Amro too quickly in 2007.

Finance Minister Wouter Bos agreed that the takeover was not practical, but in 2007 there was not enough consideration of potential risk. Bos also compared the current situation in the Netherlands to the US, saying the Dutch government supervises business more closely.

Earlier Tuesday, Prime Minister Jan Peter Balkenende asked all the parties in parliament to work together to help improve the financial market. Balkenende said a solution should take priority over party differences. All the opposition parties except for the Socialists agreed to his request.