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Subject Portugal's central bank has BAILED OUT &TAKEN OVER Portugal's Largest listed bank: Banco Espirito Santo ....gonna be a crazy week
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Original Message [link to m.bbc.com]
Portugal's central bank has announced a plan to rescue the troubled lender Banco Espirito Santo (BES).

The group will be split into two - a "good bank" with the healthy assets and a "bad bank" with the riskier ones.

The "good bank", Novo Banco, will get an injection of 4.9bn euros ($6.6bn; £3.9bn) from Portugal's bailout fund.

The move had been expected after BES on Friday reported a bigger than expected loss of 3.6bn euros for the first six months of the year.

Since June, when concerns about the financial health of the company first came to light, its shares have plunged 89%.

In a statement, Novo Banco's chief executive, Vitor Bento said that "they key uncertainties that have been hanging over the institution for some time have now been removed".

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