Portugal Bank Collapse And Rescue Raises Questions
A new Portuguese bank appeared Monday, born from the ruins of a collapsed business empire, and declared on its website that it was now “stronger and safer.” Investors rattled by the eurozone’s latest financial drama will, however, need more reassurances. Portugal’s biggest banking scandal, which compelled authorities Sunday to put up $6.6 billion to prevent the collapse of ailing Banco Espirito Santo, raised questions about how regulators were apparently hoodwinked. It will also focus minds on the European Union’s year-long health check on the banking sector, whose results are due in October.
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