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Economy

xchrom

(108,903 posts)

25. A Troubled Portuguese Bank Has The Country's Interest Rates Surging

Reply to Tansy_Gold (Original post)

Thu Jul 10, 2014, 06:47 AM

Jul 2014

http://www.businessinsider.com/portugese-bank-espirito-santo-concerns-raises-interest-rates-2014-7

The rate on Portugal's benchmark 10-year bond rose sharply on Wednesday amid concern over one of the country's biggest banking groups, an analyst said.

In afternoon trading on secondary government debt markets, the rate, or yield reached 3.778 percent, compared with 3.648 percent at the close of trade on Tuesday.

"Portuguese assets are under pressure in general, something that might stem from the banking sector," commented Cyril Regnat, a bond strategist at the French bank Natixis.

Earlier in the day, the financial news agency Bloomberg quoted Banco Espirito Santo (BES), the biggest Portuguese bank by capitalisation, as announcing delays in payments of short term debt by its parent holding company.

Read more: http://www.businessinsider.com/portugese-bank-espirito-santo-concerns-raises-interest-rates-2014-7#ixzz373s5cSDX

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