Black day for emigrés as BES ‘compensation fund’ cuts them out

Friday July 14 was described as an “important day for investors damaged by the sale of BES commercial paper in Portugal”.

Important that is for nationals living in this country.

Any Portuguese who is resident abroad has been left out of the recovery plan.

Explains Público, for these former BES investors “it is a bad day” due to the fact that the PS voted against the fund solution being expanded to include them – as proposed by Bloco de Esquerda allies and the centre-right CDS (with PSD MPs abstaining).

As to the ‘solution’, it involves “allowing the recovery of a substantial part of the 430 million euros” lost around 4,000 clients of BES and GES (the Espírito Santo Group of companies).

Recovery will be “greater for those who invested least” – a detail designed to benefit the smaller investors many of whom were left with nothing after a lifetime of savings.

Former clients can hope to recoup 75% of investments ranging from 250,000 to 500,000 euros, and 50% of ‘applications of above 500,000 euros’.

The first payments should start being made from next week, while Público hasn’t elaborated on where all this leaves Portuguese emigrés who only weeks ago warned they will be bringing their anger home to roost for the summer holidays, in the form of protests outside MP’s holiday homes in the Algarve.

[email protected]