Novo Banco

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People walk past an office of Portuguese bank Banco Espírito Santo  in downtown Lisbon at the weekend. The bank is being  injected with a €4.9 billion and split into a “good bank” and a “bad bank”. Photograph: Reuters/Hugo Correia

Europe is still playing “good bank, bad bank”. Portugal has injected €4.9 billion of bailout money into the troubled Banco Espírito Santo, splitting i(...)

A woman uses an ATM at Banco Espírito Santo (BES) headquarters in Lisbon yesterday. Portugal’s government bonds  advanced on news of the rescue yesterday. Photograph: EPA/Mario Cruz

Portugal’s Banco Espírito Santo has been split into “good” and “bad” banks as part of a €4.9 billion rescue of the distressed lender by the country’s (...)

Bank of Portugal governor Carlos Costa arrives to read a statement in Lisbon yesterday. Portugal’s central bank said  it had decided to rescue troubled lender Banco Espirito Santo in a €4.9 billion euro recapitalisation to be pumped into the healthy part of the bank. Photograph: Hugo Correia/ Reuters

Portugal will spend €4.9 billion to rescue its largest listed bank, testing the euro zone’s resilience to another banking crisis just months after (...)

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