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the bank remains precarious given the opacity around its parent capital shortfall and the likely restructuring approach," Ciaran Callaghan, a credit analyst at Merrion Stockbrokers, said in a note. By midday, Portugal sovereign and corporate debt was making up lost ground, with yields on 10 year sovereign paper down 6 basis points (bps) after losing 20 bps yesterday. Bond yields move in the opposite direction to their price. Shares in stricken Portuguese bank Banco Espirito Santo (BES) have plunged further, sinking more than 20 per cent at one point.
in Portugal, were down 15. 28 per cent to BES crisis dragged down shares in two other Portuguese banks, BCP and BPI, and the overall stock market was down 1. 49 per cent. Credit rating agency Fitch said .
detail on BES financial situation will be given on 25 July when the bank releases its half year results.
and even if the worst should come to pass, a merger will take care of the problem," he said. "This correction only serves as a reminder that nothing is yet fixed in the euro zone and that, no matter how much money the ECB ends up printing, it will not jump start the euro zone economies because the euro zone troubled banks will need to absorb much of this money for their balance sheets. "BES raised around in a rights issue last month. That saw the Espirito Santo family Zx Flux Adidas Rainbow lose control of the bank and prompted its patriarch, Ricardo Espirito Santo Salgado, to step down as the bank chief. The family is still the bank largest shareholder with a 25% stake in the bank held via EFSG, whose interests range from insurance to hotels and property. Further Adidas Zx Flux Reflective Snake For Sale
Shareholders will meet six days later to vote on a new chief executive and new directors, after family members said they would step down from the bank 25 man board. "Although we welcome the latest disclosure from BES which goes some way to enhancing the transparency on its exposure to the wider Espirito group, we still think that the situation facing Adidas Flux Multicolor
In mid morning trading on Tuesday, shares in the biggest private bank Adidas Zx Flux Pink And White
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