Portugal Raise The Cash - For Now

Posted by Nogger - a legend in his own mind at 12:30 | Categorized as

12/01/11 -- Cash-strapped Portugal have managed to raise enough cash at today's government bond auction to stave off a humiliating capitulation into being forced to seek financial aid from the EU/IMF.

A defiant finance minister told reporters that there was "no need for external help" after they raised EUR1.25 billion selling a mixture of bonds maturing in 2014 and 2020.

The 2014 auction produced an average yield of around 5.4%, up from around 4% when they last held a similar auction in October. The auction was reportedly 2.6 times over-subscribed, compared to 2.8 times in October, proving that they can at least still borrow money for now, although it comes at a price.