As stock markets around the world fell amid a sell-off, many investors were pointing fingers at Portugal. Here's why.
The selloff in world markets Thursday because of Portugal bank concerns is "relatively serious," trader Jim Iuorio says.
The Fed issued a cease-and-desist order and a $975,000 fine to Banco Espirito Santo for a violation in 2012.
Russia’s finance ministry and central bank on Thursday agreed on new banking rules for state-owned companies.
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European stocks ended the day lower on Thursday, with peripheral stocks leading the declines, as Portugal's PSI 20 Index fell over 4 percent.
Eric Green, senior portfolio manager at Penn Capital Management, said he didn't see any significant indications of a credit markets sell-off, given the "incredible" amounts of credit repair and how sovereign credit bonds had performed recently.
For all the talk of new euro zone rules for helping out troubled banks, none of the solutions are in place yet, says Raoul Ruparel, head of economic research at Open Europe - meaning Portugal is where the "buck stops".