Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Ex-CIA director 'very worried' at prospect of Trump presidency

Read more

FACE-OFF

Migrant crisis: A political football in France?

Read more

FOCUS

Will France repatriate its collection of 19th century Algerian skulls?

Read more

ENCORE!

Film show: 'The Dancer', 'Aquarius' and 'Dogs'

Read more

MIDDLE EAST MATTERS

War in Syria: Residents recount ordeal of life in Aleppo

Read more

IN THE PAPERS

Shimon Peres’ Quixotic battle for Israeli-Palestinian peace

Read more

IN THE PAPERS

Sarkozy's friends, ongoing cases, bothers

Read more

BUSINESS DAILY

Can oil producers agree to cut supply?

Read more

THE INTERVIEW

Women terrorists are 'probably the future', says ex-CIA agent

Read more

Business

Eurozone finance chair predicts Portugal will avoid bailout

Text by News Wires

Latest update : 2011-03-25

Luxembourg's Prime Minister Jean-Claude Juncker, who chairs the group of eurozone finance ministers, said Friday that Portugal will likely be able to avoid a bailout but added that if one is needed, €75 billion would be "appropriate".

AFP - Luxembourg Prime Minister Jean-Claude Juncker, who chairs the group of eurozone finance ministers, told a German radio [station] Friday that Portugal would be able to forego asking for financial aid.
             
"I do not think that Portugal will ask for financial assistance," Juncker told Deutschlandfunk in an interview.
             
The European Union leader acknowledged that the situation in Portugal was "very complicated" after Prime Minister Jose Socrates said late Wednesday he would step down after losing a parlimantary vote on austerity measures.
             
The resulting political uncertainty led two of the top international ratings agencies to cut Portugal's credit ratings by two points Thursday.
             
But "whoever is in power in Lisbon will have to know that budget targets must be strictly respected," Juncker said.
             
Socrates' austerity budget aimed to cut the Portuguese public deficit to 4.6 percent of national output this year, to 3.0 percent in 2012 and 2.0 percent in 2013.
             
Speaking Thursday at an EU summit in Brussels, Juncker had stressed that "Portugal won't be left exposed by its European partners."
             
Should Lisbon require assistance, he suggested 75 billion euros (almost $100 billion) would be "appropriate" -- but only "under strict conditions."
             
Juncker said Friday that it was up to the Portuguese government to decide if it needed aid.

 

Date created : 2011-03-25

  • PORTUGAL

    PM goes after austerity plan scrapped

    Read more

  • Portugal

    Portugal's debt rating downgraded

    Read more

  • ECONOMY

    Portugal denies bailout pressure, approves austerity measures

    Read more

COMMENT(S)