Reuters logo
Portugal in talks with Santander on risky swap deals
June 18, 2013 / 12:04 PM / 4 years ago

Portugal in talks with Santander on risky swap deals

LISBON, June 18 (Reuters) - Portugal is in talks with a unit of Spain’s Santander to cut potential losses from high-risk derivatives contracts sold to Portuguese state firms and settle a row that involved mutual threats of legal action, a finance ministry spokeswoman said.

Lisbon has already renegotiated the costly interest rate hedging contracts sold by other banks, cutting potential liabilities by about a half to some 1.5 billion euros, the spokeswoman said.

Santander-Totta is the only remaining bank that has not yet accepted an agreement in the dispute.

Reporting By Sergio Goncalves, writing by Andrei Khalip

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below