Further support for Portugal not ruled out

Further support for portugal not ruled out

The finn said to the finnish TV station MTV 3: "for the EU it is wise to be prepared that some kind of bridge must be built when portugal comes back to the market." Rehn did not go into details.

Rehn’s spokesman said in brussel on wednesday that according to current plans, lisbon will again be completely dependent on market funding in 2014. Rehn’s comment should be understood as an expression of the commission’s commitment to lisbon. "Portugal has and will have the support of the commission and the (eu) institutions."

Portugal receives 78 billion euros in financial aid from its euro partners and the international monetary fund. The IMF released the payment of a further 5.17 billion euros from the program to the southern european country, according to a statement on wednesday.

The spokesman said: "the program is on track."There had been speculation on the markets that the program might not be enough because of the poor economic situation. The vice-head of the EU delegation to monitor portugal, peter weiss, had said only on tuesday that portugal would not need a second support program after the authority had been accepted.

IMF also said it was satisfied with portugal’s progress in the fight against debt. "The necessary economic adjustment is taking place," says the IMF publication. The budget targets set for 2012 are achievable, he said.

The ailing eurozone succeeded on wednesday in its first test of endurance on the financial market since the euro bailout fund was invoked. 18-month money market papers were auctioned off and met with lively interest from investors. According to the portuguese debt agency, one billion euros flowed into the state coffers. With a 2.6-fold oversubscription, the heavily indebted state had been able to sell more than twice as much paper as it had targeted. However, the interest rate of 4.537 percent was comparatively high. In terms of long-dated government bonds, however, portugal is not yet dependent on state financing via the financial markets because of the aid billions.


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