Third And Final Espirito Santo HoldCo Is Bankrupt: Is “Banco” Next?

Having admitted that the banking system problems in Portugal could be systemic, the President has a bigger problem now as the 3rd (and final) Holdco of the Banco Espirito Santo capital structure fiasco just filed for bankruptcy:

  • *ESPIRITO SANTO FINANCIAL GROUP SEEKS PROTECTION FROM CREDITORS

First it was ESI (storm in a teacup), then RioForte (“contained”), and now ESFG (“systemic”), and given the CEO’s recent “detention” for money-laundering, we wonder how long before Banco Espirito Santo is forced to liquidate?

 

 

 

President Anibal Cavaco Silva is the first high-profile
politician to warn of a possible economic impact from the Espirito Santo
crisis,
after the family asked for creditor protection for one of its key holding companies on Friday.

 

 

“We cannot ignore that there will be some impact on the real economy.”

*  *  *

Which does not leave much room for Portugal’s growth….




via Zero Hedge http://ift.tt/1z8xvAF Tyler Durden

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