ZeroHedge – Portugal’s Insolvent Banco Espirito Santo To Be Bailed Out, Existing Equity To Be Wiped Out – 3 August 2014

ZeroHedgeWhen a week ago, the third and final Banco Espirito Santo HoldCo went bankrupt

… we knew it was only a matter of time. Sure enough, following Friday’s record collapse in the stock price of Portugal’s mega bank after even Goldman decided it had enough and pulled the plug on an equity investment it had made just three short weeks earlier (apparently with zero Due Diligence) following massive losses, and whose failure even Portugal’s president Silva finally admitted could be a systemic event, the local Diario Economic reports that Banco Espirito Santo is about to be nationalized, i.e. bailed out.

Read the full story at: www.zerohedge.com / link to original article

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