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Source: Agencies |
November 27, 2010, Saturday
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PORTUGAL adopted a raft of debt-reducing austerity measures yesterday, which the government claimed would be enough to restore market confidence in its public finances without a bailout.
Portugal's high debt and low growth have alarmed investors, fueling speculation it may be the next European country to need a bailout after Greece and Ireland. Although it does not have a major debt sale until January, analysts say investors will not be reassured until its public finances are shored up by Europe's emergency fund.
Prime Minister Jose Socrates said in a brief statement after Parliament approved the government's 2011 spending plan that the country had "no alternative at all" to the belt-tightening policy.
Portugal's high debt and low growth have alarmed investors, fueling speculation it may be the next European country to need a bailout after Greece and Ireland. Although it does not have a major debt sale until January, analysts say investors will not be reassured until its public finances are shored up by Europe's emergency fund.
Prime Minister Jose Socrates said in a brief statement after Parliament approved the government's 2011 spending plan that the country had "no alternative at all" to the belt-tightening policy.
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