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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

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