The Portuguese government will inject €6.6bn into three of the country’s largest banks, becoming the latest eurozone country to tap international bailout funding for an undercapitalised financial sector.
Vitor Gaspar, finance minister, said that the funds would ensure that Banco Comercial Português, Banco BPI and state-owned Caixa Geral de Depósitos met tough new capital requirements set by the European Banking Authority.
Portugal’s €78bn EU-IMF rescue plan, which was agreed last year, earmarked €12bn for aiding its banks. About €5bn of the funds for the three banks will come from the bailout.
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