Portugal to inject €4.4bn into crisis-hit BES bank

GMT 23:52 2014 Sunday ,03 August

Arab Today, arab today Portugal to inject €4.4bn into crisis-hit BES bank

A man walks by BES headquarters in Lisbonr
Lisbon - AFP

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.

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