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Portugal 'will not need EU bailout'

11 June 2010

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Portugal 'will not need EU bailout'
Fernando Teixeira dos Santos
Portugal's finance minister has stated that the country is not planning to access any emergency funding from the European Union (EU).

Fears have been raised in recent months about the economic viability of the country, but Fernando Teixeira dos Santos told the Financial Times that Portugal is ready to cut its budget deficit, meaning that confidence in the nation should be maintained.

"Our perception is that the markets are still willing to buy Portuguese public debt," he stated.

"We're not in a situation where we need to use last resort facilities."

He added that the government is planning to do "whatever it takes" to halve its current 9.4 per cent deficit by next year.

Last month, members of the eurozone put together a €750 billion ($975 billion) bailout package designed to prevent the financial crisis in Greece spreading to other countries in the region.

The International Monetary Fund is providing €250 billion worth of the funding.

By Asim Shah

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