Portugal

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Portugal Gets 3 Binding Offers For State-Rescued Novo Banco

Three bidders have submitted binding offers for Novo Banco, the successor to Banco Espirito Santo after a state rescue last year, the Bank of Portugal said on Tuesday, without naming the institutions. A source close to Chinese group Fosun International t ...

Daily Headline - global.abi.org - 06/30/2015 - 22:18 - 0 comments

Portugal Frets It Could Be Next As Grexit Fears Grow

In the eyes of international lenders, Portugal is a shining example of what Greece should have been: a bailed-out country that co-operates with its creditors, stoically enduring years of austerity to bring about reforms that gradually improve an ailing e ...

Daily Headline - global.abi.org - 06/23/2015 - 22:16 - 0 comments

Portugal’s Antitrust Watchdog Accuses 15 Banks Of Loans Cartel

Portugal’s antitrust regulator has accused 15 banks of unfair competition practices over an 11-year period in which they allegedly shared information about loan products, the Irish Times reported on a Reuters story. The country’s competition authorit ...

Daily Headline - global.abi.org - 06/07/2015 - 22:06 - 0 comments

Suddenly last Summer... The good bank/bad bank dichotomy in Portugal

From the rushed partial enactment of the EU directive to the untested application of a “resolution action”, Nuno Líbano Monteiro discusses the Good Bank/Bad Bank dichotomy as a supposed safeguard for the legitimate interests of customers. Att ...

Resource Article - abi_admin - 06/02/2015 - 13:17 - 0 comments - 1 attachment

Spain and Portugal Can Cope With Grexit

If anyone was going to blink over Greece, one might think it would be Spain or Portugal—the two countries widely considered most at risk if Greece leaves the eurozone. Indeed, both saw a slight rise in their borrowing costs last week at a particularly bl ...

Daily Headline - global.abi.org - 05/03/2015 - 22:14 - 0 comments

Espírito Santo Insolvency Receivers Put Art, Buildings Up for Sale

Art work and office buildings are being sold by bankruptcy receivers for the Espirito Santo group of companies that collapsed last year amid fraud allegations, The Wall Street Journal reported. The 36-story Espírito Santo Plaza in Miami went on the b ...

Daily Headline - global.abi.org - 04/16/2015 - 22:03 - 0 comments

Former BES Chief Ricardo Salgado Dismisses Critical Audit Findings

Former Banco Espírito Santo SA Chief Executive Ricardo Salgado on Thursday dismissed findings from an audit conducted into the bank’s collapse that pointed the finger at his administration and accused the country’s central bank of leading a smear campaig ...

Daily Headline - global.abi.org - 03/19/2015 - 22:36 - 0 comments

Portugal's Loss-Making Novo Banco Seeks Swift Recovery

Portugal's Novo Banco, the bank carved out of Banco Espirito Santo after a state rescue last year, expects to sharply reduce its loss this year and return to profits in 2016, emboldened by recovering deposits and improving liquidity. Novo Banco, whi ...

Daily Headline - global.abi.org - 03/09/2015 - 20:21 - 0 comments

Audit Confirms BES Breached Bank Of Portugal's Orders On Exposure

Banco Espirito Santo (BES) breached the Bank of Portugal's orders by increasing exposure to its founding family's collapsing businesses in the months before the state rescued the bank last August, a forensic audit report showed. The central ban ...

Daily Headline - global.abi.org - 03/05/2015 - 22:25 - 0 comments

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 - 02/23/2015 - 00:25 - 0 comments

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