Banking Executives Express Outrage Over Portugal's Political Crisis

Harsh Criticism from Banking Leaders

At a recent Banking Forum organized by Jornal Económico, top executives from major banks did not hold back in their criticism of the current political climate in Portugal.

"It's completely degrading the state of politics we have reached. Hardly anyone of quality will want to take on public roles given the exposure to themselves and their families," stated the CEO of Crédito Agrícola, highlighting the fallout from the failed confidence motion that could lead to the government’s collapse.

The sentiment was echoed by other banking leaders. Pedro Leitão, CEO of Banco Montepio, remarked, "What has happened is everything we did not need."

João Pedro Oliveira e Costa, the CEO of BPI, expressed a deep sense of disillusionment, saying, "The feeling is almost one of wanting to throw up our hands and question whether it’s worth voting. I cannot continue to accept that this is the example we are setting for future generations, and it is unacceptable."

Pedro Castro e Almeida, CEO of Santander, used a racing metaphor to illustrate the political situation, stating, "It’s like a car race where the Portuguese car stops at every lap to change tires." He emphasized that a stable government is crucial for attracting foreign investment and effectively executing national plans.

In contrast, Miguel Maya, CEO of BCP, remained optimistic, noting, "The quality of Portuguese entrepreneurs over the last decade shows that we can trust the country’s evolution."