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Portugal’s top bank was under new management on Monday, installing a respected economist as chief executive under pressure from the central bank after worries about the lender’s links to the financially troubled Espirito Santo empire had unsettled international markets. An audit of the family-owned holding companies behind Banco Espirito Santo found financial irregularities that raised the prospect of potentially destabilizing losses at the country’s largest listed bank. The news last week sent Portugal’s debt and stock markets into turmoil that spread to Europe as well as other firms in the Espirito Santo family’s sphere.

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