Portugal pays more for $1.2BN loan amid debt fears

Portugal has paid a higher interest rate to borrow (EURO)854 million ($1.2 billion) in a debt auction that reflected continuing market nervousness about the eurozone's fiscal health.
Portugal had to ask for a (EURO)78 billion ($110 billion) bailout earlier this year to help pay heavy debts that have weakened its economy and alarmed investors.
To maintain a presence in the international debt market, Portugal auctioned 3-month Treasury bills Wednesday.
The government debt agency said it paid a rate of 4.959 percent for the loan, up from 4.854 percent in a comparable auction three weeks ago.
Demand was 2.2 times the amount on offer, slightly up from the last sale.
The debt agency had intended to borrow up to (EURO)1.25 billion.

Updated : 2021-01-28 14:47 GMT+08:00