Dexia Bank still exposed to €11.7 Billion in Italy

The WSJ just now reporting the possible sale of its Turkish subsidiary to the Russians concludes its article with the following two rather harrowing paragraphs:

The fates of several large parts of Dexia still need to be settled. Dexia is finishing the sale of Dexia Municipal Agency, its Paris-based public-finance business, to two savings banks controlled by the French government, and it recently launched the sale of its Luxembourg-based asset management business. 
Once the process is completed, Dexia will be left as a holding company for illiquid loans and sovereign debt from the troubled euro zone periphery. Dexia's largest southern euro-zone exposures are €11.7 billion of Italian sovereign debt and €1.6 billion of Portuguese debt, the company said recently.