Open

Coming up

Don't miss

Replay


LATEST SHOWS

ENCORE!

All the fun of the FIAC: Contemporary art fair rolls into town

Read more

THE INTERVIEW

Whistleblower James Wasserstrom slams UN over its failure to fight corruption

Read more

LIFESTYLES

New garden concepts

Read more

FOCUS

Indian uranium mines take heavy toll on locals and environment

Read more

WEB NEWS

Calls for Mexican president to resign gain traction

Read more

INSIDE THE AMERICAS

Brazil: The battle for undecided voters

Read more

BUSINESS DAILY

Drugmakers to join forces in tackling Ebola

Read more

DEBATE

Rape as a weapon of war: How to stop impunity in eastern Congo? (part 2)

Read more

DEBATE

Rape as a weapon of war: How to stop impunity in eastern Congo?

Read more

Business

Eurozone finance chair predicts Portugal will avoid bailout

Video by Elena CASAS

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)