Portugal To Rescue BES Using Bailout Money
People familiar with the talks said on Sunday, troubled Portuguese lender Banco Espirito Santo is expected to be split up into a “bad” and “good” bank under a multi-billion euro state rescue plan being hashed out by Lisbon and EU authorities. These sources said, the plan, aimed at saving a bank that has been engulfed by the dramatic fall of the Espirito Santo family’s business empire, includes using at least half of the 6 billion euros left from Portugal’s recently exited international bailout program.
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