Target for terrorists and taxes, the Belgians are cutting back on spending and concentrating on their domestic markets.
By Martin French
Belgian bankers' biggest problem ended just before Christmas. Heavily armed police arrested the leaders of a terrorist group, CCC (Combatant Communist Cells), which had planted bombs at the headquarters of most Belgian banks. Luckily, the terrorists chose to detonate the bombs in the early hours of the morning when the buildings were empty. But the damage the bombs did was frightening.
Despite the arrests, Belgian bankers are still jittery about terrorism. "It's a very important problem," said Paul Emmanuel Janssens, managing director of Generale Bank, formerly Societe Generale de Banque. "We'll just have to live with the security." It couldn't be much tighter at the banks' Brussels headquarters, with expensive equipment and laborious checks at every turn.
The terrorist drama distracted adult Belgians from their other Christmas preoccupation: their annual tax demand.
This year was the most miserable yet, with the December 20 letter demanding an average 46% of their income. Some were told to give up as much as 78%.
The authorities have little choice but to play Scrooge.