BES Update || Pedro Passos Coelho has said that “there is no reason for the state to intervene..” following concerns about the stability of the Banco Espirito Santo (BES) bank, which is one of Portugal’s biggest banks following a 17 per cent drop in shares.
The Portuguese Prime Minister went on to defend BES, “a bank which has a solid capital and a comfortable margin to deal with any eventuality.”
The events on July 10, triggered a fresh outbreak of nerves about European banks, although some financial strategists believe that the Bank of Portugal has reassured the market and calmed the situation.
Concerns remain that the bank’s troubles could have a wider impact on Portugal which exited the bailout programme, two months ago.
BES – there is no need for state to intervene says PM
