Holding Company Of Portugal's 2nd Largest Bank Just Filed For Bankruptcy Protection

Tyler Durden's picture

Following this morning's farce of huge investor demand and then Bank of Portugal's Costa 'hoping' for demand from investors willing to pile more money on losing money into Espirito Santo, it appears things have escalated rapidly...


The "controlled management" application is the equivalent of declaring a breakup or controlled bankruptcy process (as we explained here). ESI is the ultimate HoldCo in the Banco Espirito Santo family.



As Bloomberg reports,

Espirito Santo International, a holding company that’s part of Grupo Espirito Santo, requested to be placed under “controlled management” under Luxembourg law, co. says in statement.


ESI says can’t meet obligations, “due to a significant part of its debt maturing”: statement


“Once under this regime, all judicial actions by creditors are suspended to allow the implementation of an asset management and liquidation plan under a court’s control”: statement

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NoIdea's picture

Buy stocks, it's Friday!

DoChenRollingBearing's picture

Tick, tock, tick, tock...

Tick, tock, tick, tock...

edotabin's picture

tax--> print-->bailout-->bullish!!

blu's picture

You would think the Portugese -- having watched the US do it for 6 years running -- would have figured it out by now.

Don't those guys watch Fox News? What's up over there?

Keyser's picture

Don't imagine this will effect the US markets on feel-good friday after the mh-17 crash yesterday... 


Vampyroteuthis infernalis's picture

Unfortunately for the Portugese, the printing press sits in Belgium out of their control.

edotabin's picture

Very well then....



blu's picture

Like I've said before, piss always finds a way to run down hill. They just need to think creatively that's all.

magpie's picture

Your BS failed even in Galicia. Now their mentally ill cretins can outsmart your gifted genetically enhanced minions. My bad.

blu's picture

Don't sweat it. No blood no foul, right? Galicia always went its own way. The minions should have learned that during the Napoleonic Wars.

Perfecthedge's picture

You have just published the Best Economic Handbook of the 21st century!  Good Sir you should receive the Peace Nobel Prize in Economics.

Sad enough, the masses will still not understand your simple explanation...

_ConanTheLibertarian_'s picture

Just bought some more silver.

DoChenRollingBearing's picture

If I have time this afternoon (not much left!) I will try to do my bit and pick up a small gold coin.

Proofreder's picture

Look, the canary is still tweeting ...

or maybe it's just stuffed and I'm hearing things.

Is that a Ka-ching or chirp-chirp - |/-_

silverserfer's picture

its Peetey! Pretty bird.. Pretty bird.

Pheonyte's picture

After the markets close on a Friday, perfect timing.

IANAE's picture

...when all the best high visibility BK are filed...

Dr. Engali's picture

They better hurry up with that war with Eastasia. This shits getting difficult to contain.

Thought Processor's picture



My thoughts exactly.   


They're gonna need to ramp it up to 11 in order to sell a larger war to the public.  The propaganda shit show should turn epic now (not that it already wasn't).

Winston Churchill's picture

Nothing short of a false flag on the US mainland will do it, and

very soon to keep the momo going.

dracos_ghost's picture

Geez, was just talking about this with people at lunch. Wasn't Obammy worried about a nuclear attack on NYC recently? Foreshadow.

HardlyZero's picture

Every sovereign will now rush to exit before Monday to beat Argentina.

The first will get favorable treatment.

F0ster's picture

3--2--1-- contagion

NOTaREALmerican's picture

Uh oh,  not Bank Failure Friday again!!   

orangegeek's picture

This is no problem.


Depositers will hand over what they have in their accounts for the bank to recover.


Problem solved.  Everyone is happy.


LMFAO!!!!!!   Fucking banksters!!!!!!!!!

yogibear's picture

The PIIGS are coming apart again.

Greece Seen Needing Third Bailout as Bonds Insufficient


Of course we knew the problems were never fixed, just hidden. Not fixed until they are ousted from the Euro.

NOTaREALmerican's picture

Well, third times a charm.   I bet this next loan will propel them into "Keynsian" escape velocity for sure.

taraxias's picture


Another reason to hold through the weekend. 

blu's picture

Well that didn't take long.

I like how they handled it. Wham-bam-thank-you-madam. Not like here in the US where it takes at least 6 years and counting before anyone will fess up to being broke. Meaning, nobody here has actually managed it over that time.

We ought to send Jamie Dimon over there as part of a fact-finding mission to come back with a report of how they did it so quickly.

magpie's picture

How's the energy flow to "Horus" or was it Mauritius...those fuckers from the Netherlands all look and sound the same.

blu's picture

They look and sound the same because they have all been genetic clones since before WW2, fact. Look it up.

And don't talk about Horus around me. We're still not settled with what happened at Ibiza last summer. I'm going to kick his ass next time I see him, don't care what kind of godling he thinks he is. The pervert.

magpie's picture

I don't care. You set up a leyline to kill me. I ley back and enjoy.

Pheonyte's picture

Am I the only one who has no idea what these two are talking about?

magpie's picture

Elite d'elite d'elite d'elite

just don't listen to the media

don't diddle with kids

no to racism

no to slavery

no to cannibalism

no satan worship

no gay marriage

if people claim to be aliens throw them into a pond

blu's picture

Wait. What have got against cannibalism? I mean apart from the obvious. I used to have that argument all the time with my sister, I finally gave it up. She made some really good points -- mostly with an axe. You have to weigh everything carefully once the axes come out.

But yeah don't diddle with kids. I have strict limits there.

magpie's picture

Yeah do that in your solar system...do you still have one ?

Eating less people does you a favour, perhaps one less AIDS specialist who rapes you.

My name is Ray...you know the play.

blu's picture

You can call me Ray. Or you can call me Jay. Or you can call me RJ. Or you can call me Jay Jay. Or you can call me Ray Johnston. Or you can call me Jay Johnston. But you doesn't have to call me Johnston.

I think that's how it went.

Had to sub-let my system last year. The maintenance was breaking me, you know how it is. I'm enjoying fucking with things here, these apes are a bunch of chumps.

magpie's picture

Aw, how nice that you blame computers now...how's the weather on Mauritius...it might be raining Starship Troopers if it were up to me...but it is not.

My brother visited Ron's mausoleum. Not really worth it.

blu's picture

Listen. It's been about the computers since before Galileo. Who btw was like a total skinny nerd, nothing like that painting of him they trot out on the History Channel. In fact I think that was his dad. Not a bad guy, his dad.

But yeah, computers.

I bet you didn't know this, but I can do matrix algebra in reverse. The results arrive at the same time I start the calculations, sometimes a day ahead. Sister says it's because I'm a nightmare, which the first time she said it really pissed me off. How does she get away calling anyone else a nightmare? That's fucked up. So I called her a stupid cunt which got me tossed off a rooftop, which was fine, because that was a mean thing to say. And besides I am a nightmare, otherwise I couldn't do crazy shit in reverse, as she correctly pointed out.

Yeah I went there. Not worth the 25 cents to get in. But I liked the grounds and that old iron gate next to the fountain. I sat there for a while looking at the water and worked on some algebra I had the solution to from the day before.

So that was nice.

Perfecthedge's picture

Hahahahaha....love your comment!

Living here in Portugal and this is how we serve our bankruptcies - quick and hot! Under 30 min. or money back guarantee!

blu's picture

30 minutes or my money back? That's what I call civilized.

magpie's picture

Your money has already been spent.

If you die, BES has nothing to redistribute.


blu's picture

Ha! I'm immortal, nearly. Sucks to be them.

magpie's picture

nom nom is this place getting carcinogenic or what lol

Better get Obama to set up a credit line to Amsterdam before you know what

I really don't understand your peoples problem...just retreat your folks from Gaza and have someone else walk the dog in America

blu's picture

Let them take their time about it. I love the you know what part best. In fact we could stand a little more you know what in general around here. It is Friday, and I've geen good, and I want my you know what or else someone is going to have to deal with me being that way I get.