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International Foundations Affected by Portuguese BES Demand Compensation or Boycott Europe’s Recovery

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International Foundations Affected by Portuguese BES Demand Compensation or Boycott Europe's Recovery

A group of international institutional investors coordinated by Attestor Capital, which suffered from the € 2bn bankruptcy of Banco Espírito Santo (BES), is demanding that the European Commission (EU) resolve the case on pain of refusing to finance the economic recovery after the pandemic.


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“Respect for the law in member states and lack of political influence are essential. We want to know what is happening and be compensated for what we have lost, “they argue in a statement, demanding” guarantees of damages and fair treatment before considering partial funding for the EU recovery fund. “

According to a group of eight investor official, Rebuild Portugal, “At the moment, the lawsuits are focused on BdP. [Banco de Portugal]”, But,” if the issue is not resolved, they will undoubtedly be forced to come up with legal initiatives against the European Commission. “

In a video posted online, this group of institutional investors who have invested in the bonds of the former Banco Espírito Santo (BES) claims to have “good and bad news” for Europe.

“The good news is that the EU will allocate 750 billion euros to member countries through the European Recovery Fund to help them recover from the COVID-19 crisis,” they say.

“The bad news,” they continue, “is that the European Union has to borrow it before distributing this money, and this can be a problem because international investors are very unhappy with the EU and Portugal,” they say.

The group warns that if the European Union wants to receive these 750 billion euros from international investors, “it must first demonstrate to them that it will treat them fairly and impartially by immediately solving the problem” BES.

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While the Portuguese “in front of the eyes of the world” because of their presidency of the Council of the European Union, Recover Portugal doubts that “the ability [do país] to manage the incoming EU funds ”, he wants“ the power of his legal system ”because“ it does not work in such cases ”, which lasted six years.

This is the decision taken at the end of 2015 by Banco de Portugal, taking into account the capital requirements of Novo Banco (the “good bank” resulting from the BES dispute resolution process), to transfer responsibility under five priority lines. BES, which was transferred to Novo Banco at the time this measure was taken in August 2014, is again a “bad bank” that has become a toxic asset.

In a statement released at the time, the BdP explained that the measure was “necessary to ensure that BES’s losses were covered primarily by the shareholders and creditors of the institution, and not by the banking system or taxpayers.”

The supervisor then added that “the selection of these issues was based on considerations of public interest and aimed at ensuring financial stability and compliance with the objectives of the resolution measure applied to the BES,” by protecting “all depositors, creditors through the services provided and others. categories of ordinary creditors “.

However, institutional investors bearing these obligations accuse the BdP of ethnic discrimination, arguing that the five lines chosen by the regulator “belong to foreign investors, not Portuguese” and “the only lines are governed by Portuguese law and not international law.” …

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“In six years, we have no indication of when this case will be heard because the Portuguese justice system is extremely politicized. We would like to return more than 2 billion euros that were taken away from us. Investor interests must be protected and we must ask the Portuguese government to resolve the Novo Banco problem as soon as possible. This is what many investors are looking for, ”says Recover Portugal.

Reaffirming “continued concern about the situation in Portugal” and “possible adequacy and potential [do país] A group of aggrieved investors believe that by managing such large funding as funding from the European Recovery Fund, “the BES case has put Portugal at the center of controversy.”

“As a candidate for grants of more than 4% of his gross domestic product, 45 billion euros in the next few years from the Next Generation EU fund, he raises, however, very serious questions about the seriousness of the country’s judicial system. “, They say.

As they recall, “the European Commission has identified lengthy processes and large delays in the administrative and tax courts in Portugal and urged the country to implement its recommendations to improve the efficiency of administrative and tax courts, namely by reducing the duration of the proceedings.” …

“It’s good that they want to invest in digitizing the judicial system to speed up cases and improve technology, but they need to resolve cases that have been blocked for political reasons. This does not suit the European Union, ”says Recover Portugal.

Stressing that “it is important that the European Commission and all members put pressure on these outstanding cases,” the group considers it “unacceptable that investors were expropriated without any decision”.

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“Restoring Portugal” requires respect for the rule of law in member states, ”he concludes.

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The abolition of fees for teaching Portuguese abroad will not be accepted by parliament, MP says – Observer

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The abolition of fees for teaching Portuguese abroad will not be accepted by parliament, MP says - Observer

According to Socialist MP Paulo Pisco, the views of the BE, PCP and PAN on the abolition of fees for teaching Portuguese abroad were voted on Tuesday in a parliamentary committee.

The Committee on Foreign Affairs and Portuguese Communities voted on Tuesday in favor of four projects – from the Left Bloc, the Communist Party of Portugal, “People-Animal-Nature” and “Enough”, which mainly advocate the abolition of fees for teaching Portuguese abroad and free school textbooks.

According to Paulo Pisco, a socialist member of the commission, the opinions of the BE, PKP and PAN were approved, but Chega’s opinion deserved to be abstained from the PS because it contained “xenophobic elements” in its purpose.

The MP had in mind, in particular, the recipients of this teaching, which is currently intended not only for the Portuguese or the descendants of the Portuguese, but also for those who want to learn the Portuguese language, with which Chega allegedly disagrees, according to Paulo Pisco. .

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After the approval of these opinions, the abolition of the bribe would be discussed and voted on in the plenary session of the Assembly of the Republic, but Paulo Pisco said that they should not be approved, since the “commitment” of the government is different.

“The government’s obligation is to reduce the burden of the Portuguese” and this will always be determined “in every approved state budget”.

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Portuguese health minister rejects conflict of interest over marriage to president

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The health minister said there was no conflict of interest in her marriage to the current chairman of the Order of Dietitians, saying that the trusteeship of that body had been delegated to the Secretary of State for Health Promotion.


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“Honestly, I don’t think it exists. I have no doubt that this Lady Secretary of State will fill this leadership role,” Manuel Pizarro said on Monday (age 26) on the sidelines of the Pharmacist’s Day celebrations in Sintra, in the Lisbon area.

Aware of the possible conflict of interest, Manuel Pizarro explained that he took “the most appropriate measure (…)”, which was to entrust the functions of guardianship of the Order of Nutritionists to Margarida Tavares.”

“(…) Since I took office as a minister, I have been aware that, since professional organizations have an administrative oversight role, (…) there is a risk of conflict of interest, and I have taken the measures that seem to me the most appropriate, which from the very decided at the outset that he would delegate this oversight function over the Order of Nutritionists to the Secretary of State for Health Promotion,” he stressed.

When asked about the reasons why Margarida Tavares’ name still does not appear in the Diário da República, the official said that “it was necessary to wait for the inauguration of the secretaries of state” and then “to organize the whole process of delegation of authority.” .

“It’s even a good chance that there is a Secretary of State for Health Promotion. I think custody of the Order of Dietitians has been well handed over to the Secretary of State for Health Promotion,” he repeated, noting that “he definitely won’t go through the Minister’s order.” [da Saúde]”.

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“If the secretary of state is responsible for this, it should not go through the minister,” he stressed.

Manuel Pizarro’s statements came after news that the government official may have a conflict of interest because he is married to the chairman of the Order of Dietitians, Alexandra Bento.

The Order of Dietitians was created in 2011 with the approval of the current Minister of Health, who at the time served as Secretary of State for Health.

In addition, Alexandra Bento was the only President of the Order of Occupational Health to attend the inauguration of Manuel Pizarro on 10 September.

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Portuguese newspaper criticizes CR7: “Less Ronaldo, more Portugal” | international football

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Portuguese newspaper criticizes CR7: "Less Ronaldo, more Portugal" |  international football

The cover of one of the most important sports newspapers in Portugal this Monday drew a critical tone against the greatest player in the history of the country.

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On the eve of the day when the Portuguese national team will play with Spain and draw for reaching the semi-finals of the League of Nations, the daily newspaper “A Bola” printed a photo Cristiano Ronaldo stating that the player had lost influence in the team commanded by Fernando Santos.

“Less Ronaldo, more Portugal,” reads the headline.

The publication reports that the 37-year-old striker could start on the bench and lists some of the positives of his possible absence, such as the buffing of protagonist Bruno Fernandes. See below:

This Tuesday’s cover of A Bola is being printed by Cristiano Ronaldo – Photo: Reproduction

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Cristiano Ronaldo started and assisted in a 4–0 thrashing of the Czech Republic on the last round. He has only scored twice in his last eight caps, both against Switzerland.

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For Manchester United in the 2022/23 season, he started in three of the eight games played. In the last of them, against Sheriff from Moldova, in the Europa League, he scored for the first time.

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