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.
Two linked companies, Espirito Santo Group and RioForte, have applied to Luxembourg courts for protection from their creditors in recent days. The Portuguese family dynasty that owns both companies is at a crossroads.
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