The European Commission has approved the Bank of Portugal's intervention in Banco Espírito Santo (BES), saying the measure is "compatible with the internal market for reasons of financial stability".
In a letter signed by the vice-president of the European Commission, Joaquín Almunia, dated August 3 but only published this week, it is also stated that without the central bank's intervention the immediate liquidation or bankruptcy of the commercial bank would have led to losses up to €28 billion
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