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Portugal needs to raise up to 20 bln euros in 2011

Portugal needs to raise up to 20 bln euros in 2011

Portugal's debt agency says it needs to raise up to (EURO)20 billion on international markets in 2011 in what will be a key test of the country's ability to calm jittery investors.
The Institute for Treasury and Public Credit Management said in a statement on its website Wednesday it intends to issue bonds worth (EURO)18-20 billion to meet Portugal's financing requirements. It provided no dates for the auctions.
Portugal is one of the frailest members of the 16-nation eurozone. Its high debt burden and low growth in recent years have fueled speculation it may join Greece and Ireland in needing a financial bailout.
Austerity measures adopted by the government to restore the country's fiscal health are expected to stunt economic growth next year.


Updated : 2021-07-27 17:22 GMT+08:00