Francisco could have gotten a well-paying job in the city. But the the young Portuguese academic decided to use his agricultural expertise to rejuvenate a local town suffering from economic decay.
The Portuguese government says it's shutting down Banco Espirito Santo, recouping the healthy assets and spinning the toxic assets off into a bad bank. The European Commission approves the state bailout.
Only months ago, Portugal left the euro bailout fund, after it was one of the countries hardest hit by the eurozone crisis. Now it must use troika money to save a major bank - raising fears the crisis may not be over.
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