I'll let you draw your own opinions. Feel free to discuss if you'd like:
http://www.nytimes.com/2014/08/07/opini ... share&_r=0
Portugal's Banking Disaster
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Portugal's Banking Disaster
Ambition driven by passion, rather than money, is as strong an elixir as is Port. http://www.fortheloveofport.com
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Bradley Bogdan
- Posts: 1443
- Joined: Tue Jan 31, 2012 8:19 am
- Location: Texas, USA
Re: Portugal's Banking Disaster
Were any major Port related businesses owned by the bank? I saw it mentioned unwise investment into some bank held businesses.
-Brad
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Bryan H.
- Posts: 110
- Joined: Mon Dec 29, 2008 9:02 am
- Location: Winnetka, Illinois, United States of America - USA
Re: Portugal's Banking Disaster
A Portuguese friend of mine said that BES for whatever reason (there are several you can imagine) did not take the opportunity to write down bad debts when other banks did during the main bailout. BES was presenting as if things were good. Now the bottom has dropped out as things were not so good for BES at all, it seems.
It sounds like depositors may be ok, but I'm relieved as I had an account there some years ago that I moved out of into another Portuguese bank.
It sounds like depositors may be ok, but I'm relieved as I had an account there some years ago that I moved out of into another Portuguese bank.