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Portugal raises $1.4B to survive until bailout

Portugal raises $1.4B to survive until bailout

Cash-strapped Portugal has managed to borrow (EURO)1 billion ($1.4 billion) on financial markets and keep its economy afloat while it awaits a promised bailout.
The sale of eight-week Treasury bills showed why Portugal needed to ask for help as the country had to pay jittery investors an interest rate of 4.657 percent for the short-term loan.
A lack of faith in Portugal has led investors to demand high returns for lending it money.
The (EURO)78 billion ($111 billion) bailout from the IMF and other European countries aims to spare Portugal from having to ask international debt markets for money over roughly the next two years.
That money is expected to start arriving later this month.


Updated : 2021-03-05 00:30 GMT+08:00