Tuesday, June 05, 2012


There's always free money for the banks.

The Portuguese government will inject €6.6bn into three of the country’s largest banks, using money from the country's €78bn EU-International Monetary Fund rescue programme. €12bn of the money had been earmarked for saving the nation's banks, and with the injection of capital in to Banco Commercial Portugues, Banco BPI and the state-owned Caixa Geral de Depósitos, that is what it is being used for. The hope is that the cash injection will help the banks meet the stringent capital requirements of the European Banking Authority.

Could give money to people for the purpose of paying down debt, and let them give it to the banks. But...no.