Portugal reports €4.9 billion Espirito Santo bailout

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Source: Bloomberg
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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Mon, 04 Aug 2014 09:23:14 GMT

Joblessness drops in Spain

The fourth largest economy in the Euro zone, Spain, released today the figures regarding unemployment change. The data showed that the number of jobless people dropped by 29,841 in July. However, analysts had forecast a much bigger fall of 111,900. Joblessness in Spain remains a concerning issue as the unemployment rate for the second quarter revealed to be 24.47%.

Mon, 04 Aug 2014 09:12:20 GMT

Aussie steady against the US Dollar after data

Following the release concerning the growth in Australian retail sales the Aussie held steady against the greenback. The data released showed that retail sales climbed by 0.6% in June, surpassing its 0.4% forecast. The pair hit 0.9330 during the Asian session and proceeded to consolidate at 0.9315. Against the Euro, the Australian Dollar also inched up to 1.4407.

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