Edited by François-Charles Laprévote, Joanna Gray and Francesco De Cecco
Chapter 14: Southern Program Countries – Cyprus, Portugal, Spain
This chapter addresses the EU State aid framework for the banking sector in three Southern European countries that were under a financial assistance programme: Cyprus, Portugal and Spain. It covers the main milestones in the strengthening, recapitalization and restructuring of the largest banks in those countries, and addresses the way in which bailout rules intertwine with EU State aid provisions. Contrary to what one might expect, funds channelled to the banking industry from the assistance programmes and close monitoring by the EU institutions and the IMF throughout the programmes, were not always sufficient to remedy the shortcomings surrounding the financial sector.
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