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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