Portuguese banks borrow record amount from ECB
World BusinessApr 10, 2012
Banks in bailed-out Portugal borrowed a record amount from the European Central Bank in March, against a backdrop of rising debt in a sharply slowing economy, official data showed on Monday.The banks’ ECB borrowings jumped to 56.3 billion euros ($73 billion) last month from 47.5 billion euros at end-February, the Bank of Portugal said.The previous record of 49.1 billion euros came in August 2010 as the eurozone debt crisis worsened after the EU and International Monetary Fund had to rescue Greec