Portugal splits Banco Espirito Santo in $6.6 billion rescue - Aug. 3, 2014

Portugal's central bank has split the troubled Banco Espirito Santo into "good" and "bad" banks in a rescue that will cost billions but protect taxpayers and bank customers.

Under the €4.9 billion ($6.6 billion) plan, most of the bank's deposits, branches, workers and operations will be transferred to Novo Banco, a new entity controlled by the Bank of Portugal.

Portugal splits Banco Espirito Santo in $6.6 billion rescue - Aug. 3, 2014