THE MESSAGE OF the Portuguese bankers to their new government, elected on June 6, is blunt. Effectively: “We’re putting our house in order, now you do the same!” At a time when the banks are dealing with high levels of outstanding debt and worrying ratios of capital to risk-weighted assets and deposits to credit, the country is being forced to respond to the ravages of low to negative growth, rising inflation and, most worrying, a fiscal deficit close to 10%.
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