Presented with little comment aside to remind the gung-ho stock-buyers who have been convinced (because the mainstream media has moved on from Banco Espirito Santo contagion concerns) that Portugal is anything but fixed. No government bailout coming means bail-ins and bail-ins means confiscation…Â Banco Espirito Santo bonds are collapsing today… down almost 8 points as they know this doesn’t end well.
Chart: Bloomberg
