Shaun Richards: The Novo Banco saga has been one of misrepresentation and woe

Ín 2014  Portugal’s Central Bank bailed out the Banco Espírito Santo, S.A with 4.4 Billion Euros. Banco Espírito Santo,  was, as so often the case when banks are “saved”, split into a bad bank with all the toxic assets, and a good bank, in this case the Banco Novo. But Novo Banco is not so “good” after all and more taxpayers money is being spent to support it, although 75% is now owned by Lone Star of the US.

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