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Portugal successfully sells 10-year bonds since bailout
Last Updated: 2013-05-08 11:06 | Xinhua
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Portugal on Tuesday successfully sold 10-year bonds for the first time since international lenders granted the country a 78-billion-euro bailout two years ago, representing a milestone in efforts to restore investors' confidence in the eurozone country.

Through the bond issuance, a total of 3 billion euros (about 3. 9 billion U.S. dollars) was raised on the international markets for the debt-ridden country, with an interest rate of 5.669 percent.

"The operation has been a great success," Minister of Finance Vitor Gaspar said in Brussels, Belgium.

Portuguese Foreign Minister Paulo Portas also hailed the sale, saying it was an "important day" that proved the country was " returning to the market step by step."

Portugal made a successful comeback to the bond market in January this year with the sale of 5-year bonds worth 2.5 billion euros.

In accordance with Portugal's 78-billion-euro bailout agreement with the troika in May 2011, the country has required to be implementing a harsh austerity policy that has sparked widespread protests across the country in recent months.

Tuesday's sale came as the troika comprising the European Union, the international Monetary Fund and the European Central Bank arrived in Lisbon, capital of Portugal, in the same day to assess the Portuguese government's new plan for public spending cuts announced last week by Prime Minister Pedro Passos Coelho.

The new measures include an increase of working hours for public sectors from the current 35 hours to 40 hours a week, less pension tax for those who volunteer to prolong their retirement age to 66 years old and layoffs of 30,000 public servants.

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