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Italy slips back into recession, Portugal bails out BES


08-08-2014 14:32 BJT

European Central Bank head Mario Draghi has called Europe’s economic recovery 'weak, fragile and uneven". He says the recent economic data suggests a "slowing down in the growth momentum.'

The latest official figures show Italy has slipped back into recession. Its economy shrank 0.2 percent in the second quarter, the second straight quarterly decline. Analysts criticized the government for lacking an original and coherent plan for the economy.

Meanwhile Portugal is providing 4.9 billion euros in a rescue plan to prevent the collapse of the country’s largest private bank, Banco Espirito Santo, or B-E-S. BES will be split into a "bad bank" which will take the toxic assets, and a new one named Novo Banco, or New Bank.

New Bank will keep the company’s healthy businesses and later be sold. International markets fear the financial crisis may not be over and more financial secrets remain to be discovered.

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