Lisbon to inject €6.6bn into largest banks

Article reported that the Portuguese government would inject €6.6bn into three of the country’s largest banks in June 2012, becoming the latest eurozone country to tap international bailout funding for an undercapitalised financial sector.

Separately, it was aannounced on the 4 June 2012 that Portugal had passed a fourth review of its continuing spending cuts and economic reforms undertaken by the European Commission, the European Central Bank and the International Monetary Fund.

ESO: Background information: Brussels mulls cross-border rules to wind up failing banks http://www.europeansources.info/record/brussels-mulls-cross-border-rules-to-wind-up-failing-banks/

BBC News, 4.6.12: Portugal passes latest bailout review http://www.bbc.co.uk/news/business-18327331

European Commission: RAPID: MEMO/12/405: Statement by Vice President Olli Rehn on the Fourth European Commission/European Central Bank/IMF Review Mission to Portugal http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/12/405&format=PDF&aged=0&language=EN&guiLanguage=en

ESO: Background information: Portugal steels itself for Greek exit http://www.europeansources.info/record/portugal-steels-itself-for-greek-exit/

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