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@JonathanMitchell
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Portugal's banking crisis BANIF
Portugal is to pay more than 2.2 billion Euros ($2.4 billion) to rescue Madeira-based bank BANIF in a deal which involves a sale of the company's healthy assets to Spain's Santander for 150 million Euros. The government-backed bailout of BANIF (Banco Internacional do Funchal) comes less than two years after the state paid out 4.9 billion Euros to rescue the country's then second-largest bank Banco Espirito Santo. Porutgal itself emerged from an international bailout only last year. Here the people who will pay for the bailout pass a branch of the failed bank in Coimbra, Portugal.
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