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Quotes of the month

“They were valuing (the assets) using discounted cash flow, which gives a different value about, let’s say, 10 times the actual value of the market price. He wanted me to write a paper saying that not only was this possible but that it was appropriate”

Respected Portuguese academic Joao Duque reveals an approach from Ricardo Salgado earlier this year as he tried to shore up his crumbling Espírito Santo empire (see: Downfall of a dynasty: The last days of Ricardo Salgado and Banco Espírito Santo)

“I thought we needed to change the market language – not by direct interventions in the market but by signalling that we cared about the long-term value of the rupee. The key plank of this strategy was to send a very strong message about inflation. In that process, you don’t kill growth [by hiking rates to a high level solely for the short-run aim of attracting inflows]”

Raghuram Rajan, governor of the Reserve Bank of India, explains why he would not countenance hiking interest rates solely for the short term aim of attracting inflows (see: Rajan’s surgical strikes)

“Mexico is not seizing the full potential of nature as given to us as a country. And we see other countries that have probably fewer resources available seizing their opportunities for the benefit of their people better than we have done in the past”

Luis Videgaray, finance minister, is determined that Mexico should fulfil more of its potential (see: Videgaray pulls Mexico into shape)

“In hindsight our expansion in Ireland was clearly a mistake. But at the time it was applauded by all stakeholders, including analysts, investors, politicians and employees”

Thomas Borgen, CEO of recovering Danske Bank, recalls a pre-crisis time when foreign expansion was all the rage (see: Danske Bank: Good luck, or good business?)

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