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European Debt Crisis

Portugal struggles to sell rescued bank

Portugal is having trouble selling Novo Banco, the so-called good bank salvaged from last year's collapse of major lender Banco Espirito Santo. The country's central bank said Tuesday it had missed its own Aug. 31 deadline for the sale after failing to reach agreement with a potential buyer, which it didn't identify. The central bank said in a statement it was starting talks with another bidder, also unnamed. It said a third bid remains on the table. Novo Banco received 4.9 billion euros ($5.5 billion) from a so-called bank resolution fund, a mechanism adopted during the eurozone debt crisis to support the financial sector. The Portuguese Treasury provided 3.9 billion euros...

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