In what is expected to be the largest evasion of responsibility recorded in the history of Portuguese banking, the governor of the Bank of Portugal is to face the music on Thursday as he answers questions posed by MPs as to what went wrong at the Bank of Portugal which failed to monitor the now collapsed Espírito Santo financial and property group.
Carlos Costa’s keenly awaited list of flimsy excuses will follow a statement from Finance Minister Maria Luís Albuquerque whose proven skill in avoiding the blame in the 'swaps' enquiry should stand her in good stead as she explains, straight-faced, the Government’s viewpoint on the BES scandal and the hastily constructed rescue deal using the Special Resolution fund from Europe.