Portugal announces a $6.6 billion bailout of a major bank
Portugal is bailing out Banco Espirito Santo, one of Europe's oldest banks, with $6.6 billion from a fund set up during the eurozone's financial crisis, Bank of Portugal governor Carlos Costa said late Sunday. The move was meant to keep the bank from collapsing and dragging down the rest of the country's financial system. The bank's stock crashed last week after it reported a record half-year loss of 3.6 billion euros. Read more at The Associated Press.
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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
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