RPT-UPDATE 1-EU should manage Portugal debt woes quickly-Canada

(Repeats with UPDATE 1 designation)

* Canada says must not let debt woes fester

* Flaherty urges EU to manage Portugal situation

OTTAWA, Nov 22 (Reuters) - Canada's finance minister said on Monday he is pressing the European Union to address the Portuguese debt crisis quickly, although he fell short of saying the country would need a bailout like Ireland.

In an interview on CBC television, Flaherty said he had been involved in discussions with his European counterparts on the weekend and that he urged them to move swiftly on a rescue package for Ireland.

"My concern is that we deal with these issues, that we do not let them fester. The Greek situation went on too long and it became more expensive over time," he said.

On Sunday, Ireland applied to the EU and the International Monetary Fund for a financial aid package to cover its fiscal needs and shore up its battered banks.

Investors see Portugal as the next weak link in the euro zone, and as another potential candidate for a bailout.

"Our role there really is to encourage the European authorities ... to ensure that the Portuguese situation is appropriately managed on a timely basis and that's what we encouraged them to do," Flaherty said.

Lisbon has denied it has plans to request foreign aid, seeing its situation as different from Ireland's because Portgual's deficit and debt are lower, its banks do not face the same problems and it has no property bubble. (Reporting by Louise Egan; editing by Rob Wilson)