In early May, Goldman Sachs turned down a
request from Caracas to convert $US5 billion in sovereign bonds into marketable
securities, partly because it would mean dealing directly with a Venezuelan
state bank, according to people familiar with the talks. The complexity of the
operation was the primary concern for Goldman, but the Wall Street bank also
weighed reputational risks after opposition politicians called it to warn about
the potential damage of being seen as aiding President Nicolas Maduro's
administration, according to an advisor to opposition lawmakers and a person
familiar with the discussions. Both declined to be named because the talks were
private.. More…
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