En ce qui concerne l'emprunt obligataire assorti d'une garantie d'État, l'État portugais soutient que ce prêt aux actionnaires ne comportait aucune disposition sur une garantie de l'État portugais, ainsi que l'attestent les documents techniques accompagnant l'émission.
As regards the bond issue accompanied by a state guarantee the Portuguese authorities argued that this shareholder loan did not involve any guarantee by the Portuguese State, as demonstrated by the technical documents relating to the matter.