Portugal reports €4.9 billion Espirito Santo bailout

Source: Bloomberg
© Scanpix/AFP
Bank of Portugal has taken control of Banco Espirito Santo SA by bailing it out with 4.9 billion euros, which will cause the junior bondholders to take a loss. The Portugese central bank will relocate the bank's most important assets to a new bank called Novo Banco and look to finance the rescue with its eventual sale. Nevertheless, Portugal still has 6.4 billion euros from the EU bailout to do this.
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