The Novo Banco bond deal that saw investors stripped of €2 billion by the Bank of Portugal has been sharply criticised by those that lost hundreds of millions of euros, including PIMCO and Black Rock Inc.
It seem now that these huge US funds, and the individual and groups of private investors that held the doomed paper, have Portugal’s government on their side as the deal was done without reference to the Finance Ministry which has let slip that it opposes the move.