Among thousands of Portuguese emigrants returning home this August for their annual summer holidays are scores who plan to take part in the next big protest scheduled to demonstrate against the country’s continued refusal to honour over €720 million in savings by as many as 7,000 families that have effectively been lost in the good bank/ bad bank BES carve-up.
As planes have already started arriving, Rádio Renascenca reveals that “some employees at Novo Banco” - the good bank that is refusing to honour money lost - are getting worried.
“Demonstrators do not want violence at the demo, but they do not guarantee anything,” explains the station.
Yesterday an RTP television crew was at Lisbon airport interviewing emigrants whose arrival was “dominated by revolt”.
Helena Baptista, one of the many planning to take part in the August 10 protest, explained: “A country which at a determined moment in our lives decided to deny us employment is today denying us our savings.”
Others explained their reluctance to accept the Bank of Portugal’s compromise plan to reimburse the millions over time, calling it a proposal “to sell us a product worth nothing”.
Ana Fernandes explained that the options only matured in 2049/2050, which would see almost everyone who has lost money simply being “used” in a scheme from which they could never profit.
The date for the August 10 protest marks the year’s anniversary of the creation of Novo Banco - the “good bank” that morphed from BES’ ashes leaving so-called “toxic business”, including the savings of 7,000 small investors, behind.
Article courtesy of the Portugal Resident http://portugalresident.com/
Comments
A second attempt thrown out by the Constitutional Court yesterday - with the parliamentarians debating it back in May fully aware that it would fail !
What other country on the planet has legislators 'aiming to fail' when crafting their new legislation?
( http://www.theportugalnews.com/news/constitutional-court-strikes-down-illicit-gains-legislation/35458)
Yet it has been an issue for decades and here is a press release from the European Commission from April 2004.
"Financial crime is a globalised industry. It does not stop at borders and if there are weak links, criminals will exploit them"
Yet again Portugal providing the useful function for global criminals of being Europe's weakest link !
http://europa.eu/rapid/press-release_IP-04-517_en.htm
There should be a transition stage lasting years if needed to get a judicial and policing system - as well as the public administration as a whole - up to the standard necessary to apply EU laws. Amongst which would be a 'complaints stage' - filtered through a north European state.
Anyone with serious unresolved complaints would have them fast tracked and re-heard by the judiciary of this other state. Judgement would be enforced. Where someone tactically declares bankruptcy then next of kin pay out. Otherwise Portugal pays out.
It would also mean the public administration and municipals would finally be accountable. If disputing with these a lawyer wants 5,000 euros just to hear your case. Then can happily waste years dribbling through your remaining money - long before any decision.
Portugal has failed and it is time Portuguese with 'balls' (females welcome) tried to be honest for once in their lives and admitted it publicly.
Then systems of recompense for all of us can be put in place.