ISDA agrees to rule on Novo Banco credit event

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ISDA agrees to rule on Novo Banco credit event

Banco Espirito Santo with happy people
Lisbon, Portugal. 24th July 2014 -- Employees and customers at the headquarters of Banco Espirito Santo on Lisbon's Avenida da Liberdade. Police in Portugal detains former CEO of Banco Espirito Santo under suspicion of money laundering and tax evasion in the Monte Branco case. -- Police detains Ricardo Salgado at his home in Estoril. Salgado, who has recently stepped down as the CEO of Banco Espirito Santo, one of the largest banks in Portugal has been detained by police under suspicion of money laundering and tax evasion. Portugal: Former Espirito Santo CEO detained for questioning in Lisbon | Thomas Meyer / Demotix/Demotix/Press Association Images

The International Swaps and Derivatives Association has accepted a request from investors to rule on whether Portugal’s Novo Banco has triggered a government intervention credit event.

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