The Espirito Santo Bank, one of the largest financial corporations of Portugal, had to be taken over by the government after weeks of media scandals due to alleged fraudulent activities. The loss of trust in the management has been one of the keys for this intervention. After just two months, the most powerful family in the country is a mere shadow of its former self.
This article explains the situation which led to this event and the consequences that the Espirito Santo Bank crisis is having on the slight economic recovery of the country.
Carlos Ruiz Mateos, Director of LLORENTE & CUENCA in Lisbon (IMAGO – LLORENTE & CUENCA)