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@JonathanMitchell
00:49
Portugal Banking Crisis - BANIF
Portugal is to pay more than 2.2 billion Euros ($2.4 billion) to rescue Madeira-based bank BANIF in a deal which involves a sale of the company's healthy assets to Spain's Santander for 150 million Euros. The government-backed bailout of BANIF (Banco Internacional do Funchal) comes less than two years after the state paid out 4.9 billion Euros to rescue the country's then second-largest bank Banco Espirito Santo. Porutgal itself emerged from an international bailout only last year. Here, those who will be paying the bill (estimated to be 1,900 Euros per household on average) pass by the Coimbra branch of the failed bank.
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