A new generation of directors, bankers, economists and politicians are determined that Portugal will be completely transformed, writes Peter Wise in Lisbon.

Portuguese banks have proved themselves buoyant in a challenging economic environment, diversifying and cost-cutting to achieve good results. Peter Wise reports.
Recession? What recession? Despite six successive quarters of economic downturn, Portuguese banks are achieving robust growth. Most of them outshone analysts’ forecasts by a wide margin in 2003 and several recorded their best annual results ever.

Millennium BCP is emerging from a spate of troubles that hit its share value hard. Focusing closely on core business has helped the turnaround.

Portuguese banks wanting to expand into foreign markets are still searching for the right locations and client bases for making competitive inroads.

Fernando Teixeira dos Santos, chairman of the Portuguese securities market commission, tells Peter Wise what the commission is doing to keep Portugal aligned with best international practices while allowing the market to develop.

European banks are rushing to buy American banks, but will they make money? Or will it all end in tears, as it did the last time they tried in the 1980s.

Agence France Trésor has been a pioneer of European inflation-linked bonds. Natasha de Teran interviews chief executive Bertrand de Mazičres about the development of these debt instruments.

With an already fragmented banking sector and state-owned banks reluctant to change, Germany will remain behind its European peers.

Jan Wagner finds that the global banks aiming to expand into Germany should opt for niche markets.

Prime minister Recep Tayyip Erdogan talks to The Banker about Turkey’s role in Europe and other strategic policies.