TEc - Spanish steps - uncertain future for Portuguese banks

It is hard to even begin to contemplate the pitiful state of Portuguese banking.
Indeed, I saw some of it coming years ago perhaps because the people in charge were telling the rest of us that the banking system was rock-solid. Yet, it would have caught the attention of more than a few that loans were being given to the wrong people by the wrong hands. Banks and the political establishment have in Portugal gone to bed time and again since long.
Still, I am awed by the sheer scale of the problems as one bank after another - previously deemed as reputable - has simply collapsed. The costs keep piling up further straining already fully stretched public finances despite repeated assurances that taxpayers would/will not pick up the bill.
As things stand nobody knows what will be made of Portuguese banking into the near future. Whether in the hands of larger Spanish banks or the filthy-rich Angolan few, genuine home-grown Portuguese banks held by Portuguese capital look set to shrink further.
To cap it all there are the rather tricky issues arising from the Angolan connection. And the ways its government/leadership finds of exercising power over their uneasy former colonial masters through means close on not-so-sophisticated nepotism.
Nevertheless, the main blame lies squarely in-house with bankers who failed their own folk and country miserably.
The last few lines of the article sum it up beautifully as is invariably the case in a multitude of issues across the board.