New York Times (August 7)
2014/ 08/ 07 by jd in Global News
The “government rescue of one of Portugal’s largest lenders” is another example of “regulatory failure.” Banco Espírito Santo had succeeded in a system that made “it easy for banks to look good and hide their problems.” As the European Central Bank (ECB) moves to assume supervision for some of Europe’s largest banks later this year, it will have to show that it really is serious. “Europe’s economy will not recover until its banking system is truly healthy.”
Tags: Banco Espírito Santo, Banks, ECB, Economy, Europe, Government, Lenders, Portugal, Recover, Regulatory failure, Rescue
