BES 'Bail-in' Tests EZ Resilience

It's only months since it came out of its EU/IMF bailout programme. This, then, could be Portugal's first test of whether it can keep its own house in order. Announced in Lisbon, the rescue plan for Banco Espirito Santo comes after weeks of increasingly bad news. First reaction was seemingly one of relief—though Tom Vosa of NAB believes it may not be the end.

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