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Holding Company Of Portugal's 2nd Largest Bank Just Filed For Bankruptcy Protection
Zerohedge ^
| July 18, 2014
| Tyler Durden
Posted on 07/18/2014 12:41:10 PM PDT by Former Proud Canadian
Following this morning's farce of huge investor demand and then Bank of Portugal's Costa 'hoping' for demand from investors willing to pile more money on losing money into Espirito Santo, it appears things have escalated rapidly...
*ESPIRITO SANTO INTERNATIONAL SAYS IT CAN'T MEET OBLIGATIONS
*ES INTERNATIONAL APPLIES FOR `CONTROLLED MANAGEMENT' REGIME
*ES INTERNATIONAL APPLIES FOR REGIME UNDER LUXEMBOURG LAW
The "controlled management" application is the equivalent of declaring a breakup or controlled bankruptcy process (as we explained here). ESI is the ultimate HoldCo in the Banco Espirito Santo family.
(Excerpt) Read more at zerohedge.com ...
TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: bankruptcy; banks; europe; portugal
Creditanstalt moment?
To: Former Proud Canadian
2
posted on
07/18/2014 12:52:00 PM PDT
by
Secret Agent Man
( Gone Galt; Not averse to Going Bronson.)
To: Former Proud Canadian
This is why stocks are up, right?/s
3
posted on
07/18/2014 1:09:09 PM PDT
by
dynachrome
(Vertrou in God en die Mauser)
To: Former Proud Canadian
Coming to Amerika.
4
posted on
07/18/2014 1:12:00 PM PDT
by
E. Pluribus Unum
("The man who damns money obtained it dishonorably; the man who respects it earned it." --Ayn Rand)
To: dynachrome
I assume money is flowing out of Portugal as we speak... We're probably 20 dominoes down the chain - so for now, we'll benefit.
5
posted on
07/18/2014 1:45:55 PM PDT
by
GOPJ
(To learn who rules over you, simply find out who you are not allowed to criticize-Voltaire)
To: GOPJ
Word over at bloomberg businessweek is that Greece needs a third bailout. Shocking./s
6
posted on
07/18/2014 1:50:58 PM PDT
by
dynachrome
(Vertrou in God en die Mauser)
To: Former Proud Canadian
I wonder if they took a page from Cyprus and warned all the rich Portuguese expats to close out their accounts.
7
posted on
07/18/2014 1:54:22 PM PDT
by
Oatka
(This is America. Assimilate or evaporate.)
To: blam
8
posted on
07/18/2014 1:54:57 PM PDT
by
Kartographer
("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
To: Former Proud Canadian; blam
Their depositors have enough money to bail them out!! ;-)
9
posted on
07/18/2014 1:56:03 PM PDT
by
Kartographer
("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
To: Kartographer
....and the beat goes on.
10
posted on
07/18/2014 3:29:50 PM PDT
by
blam
To: Kartographer
You're right. I forgot.
It's just currency anyway.
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