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and will need to raise significant amounts of new capital to "resist additional adverse shocks".

The analysis of the weakness of Portugal's banks, contained in the, which took Ireland to the brink of bankruptcy.

There is however one important difference, which some will argue makes Portugal's financial predicament more perilous: Portugal's banks have not only been borrowing colossal sums from the ECB, they have also been lending billions of euros to the Portuguese government, so that it can finance the significant gap between what it spends and its dwindling tax revenues.

This is how the central bank put it: "the expansion of Portuguese banks' balance sheets in the first half of the year essentially reflected the financing of general government".

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The Quandt family, Bayerische Motoren Werke AG’s dominant shareholder, vowed to carry on its commitment to the carmaker as Volkswagen AG’s Audi challenges BMW’s lead in luxury vehicles.

“We as a family are looking forward” to shaping the future with BMW, Stefan Quandt said at a Munich event today to mark the 50th anniversary of the shareholders’ vote approving the German family’s rescue of the luxury-car maker. “Lead, don’t follow - that’s the entrepreneurial calling of BMW.”

Investor Herbert Quandt fended off a takeover attempt five decades ago by Stuttgart, Germany-based Daimler AG, then called Daimler-Benz, by bankrolling development of the 1500-model midsize sedan. His family still owns 46 percent of BMW, and Stefan Quandt and Susanne Klatten, two of his children, sit on the supervisory board.

BMW surpassed Daimler’s Mercedes-Benz division as the world’s largest luxury-car maker five years ago and aims to almost double annual sales by 2020 to 2 million vehicles. That may not be enough to fend off Audi, which aims to leapfrog BMW and Daimler to become the largest maker of luxury cars by 2015.