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Jakobsen: Why the pain in Portugal will really hurt

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Steen Jakobsen analyses the continuing crisis in Portugal as the Banco Espirito Santo group struggles to shake off problems linked to alleged financial irregularities. The markets were rattled by the sudden drop in the bank's share price at the end of last week and today shares fell again, by as much twenty percent.

Steen Jakobsen says: "Today we have a deadline for the bonds, we'll see what happens, but the CDS, the insurance premium for the bonds, is rising and the bonds are dropping like a stone".

The Banco Espirito Santo group crisis is far from over, the fear within markets is that the problems could spread within Europe.