Portugal eases fears over crisis-hit bank BES | Bangkok Post: news

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Portugal eases fears over crisis-hit bank BES

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Portuguese authorities managed Friday to ease wider market fears over the health of the country's biggest listed bank Banco Espirito Santo, which is being hammered by its parent group's debt woes. 

Portugal's largest listed bank Banco Espirito Santo (BES), whose shares have plummeted shaking global stock markets, said early Friday its exposure to debt in the Espirito Santo group rose to 1.18 billion euros ($1.6 billion) at the end of June

"There is no reason to doubt the security of the funds entrusted to the BES, and its savers have no need to be worried," Portugal's central bank said in a statement.

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