Tags: Portugal | Prime | Minister | No | Need | Bailout

Portugal Prime Minister: No Need for Bailout

Monday, 22 Nov 2010 10:58 AM

Portuguese Prime Minister Jose Socrates said on Monday his country needs no bailout and hopes that emergency funding for Ireland will end uncertainty and contagion in financial markets.

"The country does not need any help," Socrates told TSF radio. "What the country needs is to do what is necessary, to approve the budget, and to continue in its efforts (to cut its fiscal deficit)."

Ireland on Sunday requested an EU/IMF bailout package to stem losses at its battered banks and tackle a budget crisis.

Many economists see Portugal as the next likely peripheral euro zone country that may need a bailout to resolve concerns over its debts. Still, Portugal's budget deficit and debts are much lower than those of Ireland and the euro zone's first bailout beneficiary Greece.

"I think what was happening recently, was that Portugal was being hit by the lack of confidence over Ireland," Socrates said.

"I hope that the Irish government's decision (to request a bailout) will end this uncertainty and restore confidence to markets. There is no reason to have a lack of confidence over Portugal."

Earlier this month Portuguese risk premiums hit euro lifetime highs as uncertainty over Ireland increased. They dipped slightly on Monday.

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Portuguese Prime Minister Jose Socrates said on Monday his country needs no bailout and hopes that emergency funding for Ireland will end uncertainty and contagion in financial markets. The country does not need any help, Socrates told TSF radio. What the country needs...
Portugal,Prime,Minister,No,Need,Bailout
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2010-58-22
Monday, 22 Nov 2010 10:58 AM
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