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Portugal's Banking Disaster
Posted: Wed Aug 06, 2014 3:55 pm
by Roy Hersh
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
Re: Portugal's Banking Disaster
Posted: Wed Aug 06, 2014 7:13 pm
by Bradley Bogdan
Were any major Port related businesses owned by the bank? I saw it mentioned unwise investment into some bank held businesses.
Re: Portugal's Banking Disaster
Posted: Mon Aug 18, 2014 8:22 pm
by Bryan H.
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.