PM slams Berardo over rudeness and Caixa Geral debt

Prime Minister António Costa said on Monday that Portugal was “surely shocked by the rudeness” of Joe Berardo, (pictured) when he was heard in Parliament and said he expected the businessman to pay “what he owes” to Caixa Geral de Depósitos.

“I think the country is certainly all shocked by the rudeness with which Mr Joe Berardo responded last week in this Parliament,” António Costa said in the biweekly debate.

In response to the Left Bloc leader, Catarina Martins, the Prime Minister stressed that “the current management of Caixa Geral, appointed by this Government, triggered Joe Berardo to pay Caixa what he owes Caixa.”

According to Catarina Martins, the bank was “completely irresponsible” in lending Berardo huge sums in what have been proved to be unsecured loans.

The Madeiran businessman, who owes Caixa Geral, BCP and Novo Banco around a billion euros, was heard in parliament last Friday, where he said it is “clear” that he personally has no debts, and confirmed that the guarantee that banks have is from the Berardo Collection Association, and had no charge over his valuable art collection which the banks thought has been pleadged as collateral.

Joe Berardo clarified that the guarantee given to CGD is owed money by the Berardo Collection Association, and has no claim to his art collection.