Portuguese banks’ reliance on ECB 'unsustainable', says central bank

bancodeportugal

The Bank of Portugal warned Tuesday that the country's financial system was facing "serious challenges," pointing in particular to an "unsustainable" level of bank reliance on central bank funding.

While the initial surge in central bank reliance in the early part of 2010 reflected collective eurozone sovereign troubles rather than intrinsic weakness in the Portuguese banking sector, the renewed wave of tension that began at the end of August had a particularly large impact on banks' access to i

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