How the Socialists defraud the taxpayers in billions of euros

Socialist Mário Centeno, Finance Minister, 

of the unelected socialist goernment

The Socialist Government of António Costa ignored 

the recommendations of the ECB (European Central Bank) 

and the Banif Bank cost billions more.

The Socialist Government's decision of Antonio Costa, 

did not aligne with the ECB´s recommendations, 

which will unfortunately, 

cost more money for the taxpayers.

As the reader will remember, of course, 

when the senior bondholders of the old BES Bank, 

were called to account for the loss of the Bank of Portugal, 

which are included in the recapitalization process. 

But the European Central Bank (ECB) advised 

that it could have been done beforehand, 

as with the Banif Bank.

The Expresso newspaper reports this Saturday, 

that the European regulator, 

advised the socialist unelected government of António Costa, 

via email, to bet on a "strong bail-in" in relation to the Banif Bank. 

So apart from, the subordinated bondholders, 

the Government should also call on 

the Senior bondholders, to answer for the losses of the bank.

If the advice had been followed, 

the Government would have extended the responsibility to more creditors, 

which could have saved between 500 million to one billion euros 

of the taxpayers' money.

But unfortunately that's not what happened. 

Mario Centeno has chosen to include in the resolution of the bank 

only bondholders with subordinated debt, the higher risk, 

thereby protecting those who had senior bonds.

Sourses close to the process contacted by the Express newspaper, 

ensured that the recommendations of the ECB, 

could have decreased thus the injection of public taxpayers´capital.