Bankers in Lisbon say the demise of BES is a watershed moment for the country: the turning point when old Portugal became new Europe. Ricardo Salgado tried every trick he knew to save his empire, but found that the Portuguese establishment could not – or would not – save him. How did Salgado’s efforts to shore up Espírito Santo through the commercial paper market hasten, rather than avert, his downfall?
Eric Ellis,
October 13, 2014