Portugal to bail out its biggest bank to the tune of €5billion

‘The European Commission and Portugal have agreed to inject up to €5 billion into the country’s biggest and ailing bank Caixa Geral de Depositos (CGD).
The sum will include a €2.7 billion recapitalization provision, selling €1 billion in subordinated debt to private investors and converting €960 million of contingent convertible (CoCo) bonds into equity.
After Portugal had two bank rescues in 2014 and 2015, which has undermined investor confidence, its largest bank by assets CGD needs capital because of a number of bad loans.’
Read more: Portugal to bail out its biggest bank to the tune of €5billion