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Portugal to inject 4.4 billion euros into crisis-hit BES bank

AFP

A man walks by BES (Espirito Santo Bank) headquarters in Lisbon on August 3, 2014A man walks by BES (Espirito Santo Bank) headquarters in Lisbon on August 3, 2014

A man walks by BES (Espirito Santo Bank) headquarters in Lisbon on August 3, 2014A man walks by BES (Espirito Santo Bank) headquarters in Lisbon on August 3, 2014

Portugal will inject 4.4 billion euros ($5.9 billion) into the crisis-hit Banco Espirito Santo (BES), national bank governor Carlos Costa announced late Sunday, amid fear of a catastrophic bank run.

In recapitalising the ailing bank, which recorded first-half losses of 3.57 billion euros last week, the government is seeking to avoid contamination throughout its fragile economy and into the wider eurozone.

Date created : 2014-08-04