Portugal

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Portugal Plans To Make An Early Payment On IMF Loans

Portugal plans to make an early payment of about €14 billion of its bailout loans from the International Monetary Fund after borrowing costs dropped, prime minister Pedro Passos Coelho said, the Irish Times reported. “The market conditions that Portu ...

Daily Headline - global.abi.org - 02/22/2015 - 23:25 - 0 comments

Portugal: Insolvency Courts vs. Tax Administration – Will rescue culture eventually triumph?

After three hard years, the programme of international financial assistance to Portugal has finally come to an end, with the Troika leaving our country last May. For better and for worse, much has changed concerning the political, economic and social ...

Resource Article - twallace@abiwor... - 02/18/2015 - 12:34 - 0 comments - 1 attachment

Bank Of Portugal, Goldman Gear Up For Legal Battle Over Bank Loan

The Bank of Portugal on Tuesday stuck to a decision to keep a loan linked to Goldman Sachs in a "bad bank" carved out after the rescue of Banco Espirito Santo (BES), putting the central bank and Goldman Sachs on course for a legal battle. The c ...

Daily Headline - global.abi.org - 02/17/2015 - 22:52 - 0 comments

Bank Of Portugal Keeps 15 Potential Bidders In Race For Novo Banco

The Bank of Portugal has trimmed down the list of potential bidders for Novo Banco - the successor to Banco Espirito Santo after a state rescue - saying that 15 out of 17 institutions that had expressed interest in the sale met its requirements, Reuters ...

Daily Headline - global.abi.org - 02/16/2015 - 17:55 - 0 comments

Britain Fines Former Banco Espírito Santo Unit

British regulators have fined the former investment banking business of the troubled Portuguese lender Banco Espírito Santo for failing to disclose the departure of central staff members from one of its capital markets teams in 2013, the International ...

Daily Headline - global.abi.org - 01/06/2015 - 20:09 - 0 comments

Interest Shown By 17 Potential Buyers In Novo Banco

The sale of Novo Banco, the lender that emerged from the breakup of Portugal’s Banco Espirito Santo, has drawn interest from 17 entities after firms including Banco Santander and Banco BPI said they may make bids. The Bank of Portugal announced the numbe ...

Daily Headline - global.abi.org - 01/01/2015 - 20:38 - 0 comments

Dos Santos Has To Raise Bid For Portugal Telecom

Portugal's securities market regulator, CMVM, said on Wednesday Angolan billionaire businesswoman Isabel dos Santos has to increase the 1.35 euro a share price in her takeover bid for Portugal Telecom SGPS. CMVM said in a statement it did not accept ...

Daily Headline - global.abi.org - 12/17/2014 - 21:51 - 0 comments

Espirito Santo Group In Bad Shape For Years And Chief Knew, MPs Told

The Espirito Santo Group (GES), whose collapse led to a state rescue of Portugal's second-largest bank in August, was a financially fragile "house of cards" for years and its chief knew of irregularities there, a former GES shareholder sai ...

Daily Headline - global.abi.org - 12/11/2014 - 21:54 - 0 comments

Brown Rudnick Alert: Banco Espírito Santo: Large Losses and Lots of Questions

Just when Europe seems to be exiting recession, and following Portugal’s formal exit from its Eurozone bailout earlier this year after 3 years of painful austerity, a bank collapse in Portugal has hit the business pages as further revelations come out on ...

Resource Article - abi_admin - 12/11/2014 - 14:34 - 0 comments - 0 attachments

Espírito Santo Faces Money-Laundering Investigations

As investigators sift through the wreckage of Banco Espírito Santo SA, their focus is expanding beyond the alleged fraud and accounting problems that doomed the large Portuguese lender, the Wall Street Journal reported today. They also are looking in ...

Daily Headline - abi_admin - 12/01/2014 - 17:37 - 0 comments

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