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Portugal rescues Banco Espirito Santo

August 4, 2014

Asian stocks swung between gains and losses after U.S. markets continued their slide at a slower pace on Friday on the back of Argentina’s default, the conflicts in the Middle East and  the Ukraine. This morning markets got a relief from Portugal’s bailout of troubled Banco Espirito Santo (BES). The Portuguese central bank took control of BES in a EUR 4.9bn bailout that will leave junior bondholders with losses.

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