On the evening of Tuesday 23 August, the European Commission reached an agreement in principle with the Portuguese authorities on the next steps with the recapitalisation of the public bank Caixa Geral de Depositos (CDG) in line with market rules, a Commission spokesperson announced the day after.
The state will inject €2.7 billion into the bank and will convert €900 million of contingent instruments (known as 'cocos') into shares. For its part, the bank has undertaken to raise €1...