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June 24, 2017

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Portugal bank received Goldman Sachs loan before collapse: WSJ

WASHINGTON -- Goldman Sachs stands to lose money on a multi-million euro loan it made to one of Portugal's largest banks a month before it collapsed, the Wall Street Journal reported on Tuesday.

The U.S. investment bank made the US$835-million (635-million-euro) loan in July through a Luxembourg financing vehicle it created at a time when Banco Espirito Santo, on the verge of bankruptcy, found it nearly impossible to borrow money directly in capital markets, the newspaper said.

The loan proved to be only a brief lifeline for BES, which was bailed out and dismantled in August. A recapitalization of nearly 5 billion euros was paid for largely with public money.

The Journal said Goldman Sachs would lose money on the previously undisclosed deal.

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