Portugal’s government has handed in its cunning plan to throw more taxpayers’ money at ailing bank Caixa Geral de Depósitos.
Brussels, despite its obsessive insistence that Portugal hits the financial targets set for the year, it has even asked for a stand-by Plan B in case things get tight - has read the plan and has given the go-ahead for the €4 billion refinancing as long as this State aid is provided in the same way as would be provided by a private investor, i.e. it is not categorised as ‘State aid’ in the national accounts.