Portugal’s President: It’s Time For the Banks To Return the Support They Received During the Financial Crisis – Euro Weekly News

Marcelo Rebelo de Sousa, the President of Portugal said that the Banks owe a “very important” contribution to the country in return for the help they received during the financial crisis.

“EACH Portuguese national contributed to keep the banks afloat. This moment, knowing that the banks are stabilised, can be used as an opportunity to pay the Portuguese back for what they did” said the president at a press conference in Vila Franca da Xira, when visiting an agricultural unit.

He recalled that banks owe “a very important contribution” to the country due to the financial crisis and their bailout and that now they must enter “the race against” time and against the Covid-19 pandemic alongside its adverse social and economic effects.

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“A day later is worse than a day sooner. The economy needs money sooner, families need money sooner, workers need to work sooner, wages are needed sooner. That fight also belongs to the banks,” he defended.

He will hold a videoconference with the country’s five main banks – Caiz Geral de Depósito, BCP, Santander, Novo Banco and Banco BPI – to understand how the sector sees the situation, their perspective on the measures that have been applied by the government and to discuss the support they can give.

The Portuguese government has already decreed some measures during the state of emergency that concern banks, including a six-month moratorium on loans for families and companies that have difficulties in dealing with them.