Bank crisis further rattles Portugal economy

Portugal's economy may be affected by a crisis at one of Espirito Santo Bank's main shareholders, the Luxembourg-based Espirito Santo International (ESI), which allegedky covered up accounting problems and has now admitted it could not pay its debts - AFP Photo.

LISBON: Portuguese Economy Minister Antonio Pires de Lima admitted on Monday that a crisis engulfing the giant Banco Espirito Santo group could affect the country's recovery, but insisted Portugal's "upturn is stronger".

"The crisis in the Espirito Santo group will not do us good, but the recovery is stronger and it is there to stay," he told journalists.