With the BES share price now absolute rock bottom, analysts are all agreed – state intervention will have to be the next step. There are simply no private investors brave enough to take up all the slack.
Black Friday ended with Espírito Santo Financial Portugal filing for insolvency.
ESFP is now the fifth company within the crisis-torn empire to declare itself unable to meet its debts.
A rapid recapitalisation plan is now more urgent than ever, and details are expected to emerge if not over the weekend certainly early on next week.
ESFP announcement on Friday evening followed a similar move by Espírito Santo Financière (ESFIL), a holding company owned 100% by the Espírito Santo Financial Group and owner of the Banque Privée Esoírito Santo in Switzerland.
For more details on this rapidly developing story see the Resident’s other stories of Friday:
https://www.portugalresident.com/bes-losses-confirmed-at-%E2%82%AC36-billion-as-new-scandals-rock-the-esp%C3%ADrito-santo-empire
https://www.portugalresident.com/bes-losses-confirmed-at-%E2%82%AC36-billion-as-new-scandals-rock-the-esp%C3%ADrito-santo-empire
Espírito Santo Financial Portugal now files for insolvency
