Portugal raises US$1.7b
Source: Agencies |
November 3, 2011, Thursday
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Print Edition
Print Edition
PORTUGAL paid a slightly higher interest rate to borrow 1.24 billion euros (US$1.7 billion) in a debt auction yesterday, even as markets remained jittery after Greece's prime minister called for a popular referendum on his country's latest rescue package.
Portugal is one of the eurozone's frailest members and needed a 78 billion euro bailout earlier this year.
Portugal's government debt agency said it sold 3-month Treasury bills at a rate of 4.997 percent, up from 4.972 percent in a similar auction two weeks ago.
It said there was demand for twice the amount on offer - a welcome sign amid worries about investor appetite for European debt.
Portugal is in the grip of a recession forecast to deepen next year as the state budget introduces more tax hikes and pay cuts.
Some analysts have warned that the austerity program demanded by the International Monetary Fund and European partners in return for the bailout will make it increasingly hard for the country to generate the wealth it needs to restore its fiscal health.
Portugal is one of the eurozone's frailest members and needed a 78 billion euro bailout earlier this year.
Portugal's government debt agency said it sold 3-month Treasury bills at a rate of 4.997 percent, up from 4.972 percent in a similar auction two weeks ago.
It said there was demand for twice the amount on offer - a welcome sign amid worries about investor appetite for European debt.
Portugal is in the grip of a recession forecast to deepen next year as the state budget introduces more tax hikes and pay cuts.
Some analysts have warned that the austerity program demanded by the International Monetary Fund and European partners in return for the bailout will make it increasingly hard for the country to generate the wealth it needs to restore its fiscal health.
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