Portugal

Troubled memory-chip maker Qimonda AG on Sunday secured a rescue package of €325 million ($452 million) in loans from a German regional government, parent company Infineon and a Portuguese state bank, the Associated Press reported. The Economy Ministry in the German state of Saxony, where Qimonda has a major plant, said in a statement that it achieved a "breakthrough" when Portugal agreed to join the rescue package through its state investment bank. The company has a facility in Porto, Portugal.

Portuguese authorities seized control of Banco Privado Português SA, providing emergency funding for the troubled unlisted bank, The Wall Street Journal reported today. The seizure Tuesday was coordinated among Portugal's finance ministry, the Bank of Portugal and six of the country's largest banks, the central bank said. BPP is the second Portuguese bank to face liquidity problems as a result of the global financial crisis. Last month, Portugal nationalized unlisted Banco Português de Negócios SA after the bank recorded huge losses.