Portugal uses EU bailout cash to shore up troubled Banco Espírito Santo

Almost 5bn injection should stave off the collapse of Portugal's biggest bank, after losses wiped out its capital buffers

Portugal injected almost 5bn into Banco Espírito Santo on Sunday night to stave off the collapse of the country's biggest bank following a series of financial scandals.

Carlos Costa, governor of the Bank of Portugal, said the bank's healthy businesses would be spun off into a "good" bank, while its toxic assets would be hived off into a "bad" bank.

Continue reading...



from Network Front | The Guardian http://ift.tt/1udaKJ6

via IFTTThttp://ift.tt/eA8V8J