Arab Today, arab today portuguese government praises bes bailout decision
Last Updated : GMT 03:32:11
Arab Today, arab today
Arab Today, arab today

Portuguese government praises BES bailout decision

Arab Today, arab today

Arab Today, arab today Portuguese government praises BES bailout decision

Portuguese Deputy Prime Minister Paulo Portas
Lisbon - XINHUA

Portuguese Deputy Prime Minister Paulo Portas said on Tuesday that the decision to bailout Banco Espirito Santo (BES) was the most "acceptable" option, and that nationalizing the bank would be "a tragedy."
The Portuguese authorities are maintaining an optimistic stance after the Bank of Portugal announced on Sunday that the country's largest private bank would be injected with 4.9 billion euros (6.56 billion U.S. dollars) by the state after a first-half net loss of 3.58 billion euros on Thursday amid accusations of fraud and money laundering.
"Nationalizing (the bank) would mean passing the bill onto the taxpayers," Portas said at a press conference, according to local media reports.
He added that bailing out the bank would protect deposits, the taxpayers and jobs, as well as "avoiding a credit risk when the economy most needs credit."
His comments came amid accusations by opposition party Left block that taxpayers will "pay once more for a bank's mismanagement."
Leader of Left block party Catarina Martins has compared the BES crisis to the case of the bank Banco Portugal de Negocios (BPN), which in 2008 also fell into the hands of the government after debt and management irregularities, saying this time it could be "five times worse."
The government has also been criticized for not commenting on the move after the decision was announced by Bank of Portugal Governor Carlos Costa late Sunday night.
On Monday Portuguese Prime Minister Pedro Passos Coelho broke silence and said that bailing out BES was the "best solution" and that the move had been "favorably welcomed by the markets."
However, the Socialist Party has called for an "urgent" convocation of the Standing Committee of Parliament for the minister of finance to clarify the decision taken.
Minister of Finance Maria Luis Albuquerque will explain the move at parliament on Thursday.
The Socialist Party has also criticized the use of public resources, saying these should be used to contribute to the reduction of the country's public debt.
The nationalization of bank BES came just weeks after the Portuguese authorities had said that there would be no government intervention, and the bank had a comfortable margin.
BES has now been renamed "Novo Banco" (New Bank) and is managed by Vitor Bento after Ricardo Salgado, who was detained last Thursday and released for a sum of 3 million euros, stepped down. Banks in Portugal are working without disruptions and customers are able to carry out operations as usual.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today portuguese government praises bes bailout decision Arab Today, arab today portuguese government praises bes bailout decision

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday