Sliding eurozone markets, fears over the solvency of banks and countries – “it feels just like 2012 again”, says Raoul Ruparel in Forbes.
Late last week, Banco Espirito Santo (BES), Portugal’s biggest bank, saw its share price plunge when it emerged that its parent company, Espirito Santo International (ESI), had failed to pay the interest on some of its debts.
The complicated ownership structure left investors worried about the extent of BES’s exposure – so they sold first and asked questions later.
As the mood soured, a Spanish bank shelved a bond auction, while a Greek government bond auction proved [...]
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