Portugal started a planned recapitalisation of state-owned lender CGD by converting 945 million euros of contingent convertible bonds (CoCo) into equity and transferring 500 euros of shares to the bank. The recapitalisation will include a direct capital injection by the state of up to 2.7 billion euros in the second phase. Source: Reuters
GEFIRA provides in-depth and comprehensive analysis of and valuable insight into current events that investors, financial planners and politicians need to know to anticipate the world of tomorrow; it is intended for professional and non-professional readers.
Yearly subscription: 10 issues for 225€
The Gefira bulletin is available in ENGLISH, GERMAN and SPANISH.
Turkish President Tayyip Erdogan said on Wednesday that Europeans across the world would not be able to walk safely on the streets if they kept up their current attitude. Source Reuters
The European Stability Mechanism (ESM) — the euro zone’s bailout fund — should ultimately be turned into a European version of the International Monetary Fund, the head of euro zone finance ministers said on Monday in a German newspaper. Source: Ekathimerini
German Finance Minister Wolfgang Schäuble has said the European Banking Authority should be merged with the European insurance regulator, with the merged body to be located in Frankfurt. Source: Handelsblatt