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@JonathanMitchell
00:47
Santander to buy failed Portuguese bank 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 those who pay for the failure of the bank - Portuguese tax payers - pass the Coimbra branch of Santander Totta.
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