Europe has to solve crisis - Portugal treasury boss

LISBON Wed Feb 16, 2011 6:46am EST

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LISBON Feb 16 (Reuters) - A solution to the euro debt crisis has to be reached at the European level and does not just depend on Portugal, Treasury Secretary Carlos Pina said on Wednesday, adding that Europe has been dragging its feet. "Portugal is continuing to do its work," Pina told Reuters in an emailed response to questions. "Europe has fallen short."

Pina also said low take-up at an auction to buy back bonds on Wednesday was an encouraging signal of market confidence.

(Reporting by Sergio Goncalves; writing by Axel Bugge)

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Comments (2)
PedTeles wrote:
I thinkinvestors not willing to sell back the T-bills as a positive sign rather than a negative sign, it somwhat proves that investors think Portugal will not have problems in paying them back later.

The April and June redemptions seem guaranteed as the country so far as managed to raise over 5 bn in medium to long term debt and a similar amount in short-term debt. And there were perhaps private placements that we aren’t aware of. Back in January Portugal sold 1.2 bn to an undisclosed buyer through Deutsche Bank, which only leaked to the media a few weeks later.

On the political side, it is worth noticing that the right wing parties are for the time being supporting the governmet, as they have officially announced that they will not allow the no confidence vote tabled by a radical socialist party to pass in parliament, reinforcing the idea that the gentleman’s agreement that allowed the 2011 budget to pass back in October, the one with several austerity mesaures and budget cuts, is still in place. The President seems to back the government as well, they gathered recently in a 30 minutes conversation.

It’s nothing short of admirable that Portugal has managed to survive thus far, in such hostile conditions, and a somewhat biased and overdramatic media, which highlights mostly the negative aspects of Portugal’s economy, and neglecting that among all southern european countries within the eurozone, for instance, Portugal was the country that grew the most, by 1.4%, beating Italy at 1.2%. Spain grew 0.3%. Exports rose by 15%

Feb 16, 2011 8:13am EST  --  Report as abuse
PedTeles wrote:

“highly indebted country”

1 Zimbabwe 241.60 2010 est. Africa
2 Japan 196.40 2010 est. Asia
3 Saint Kitts and Nevis 185.00 2010 est. North America
4 Lebanon 150.70 2010 est. Asia
5 Greece 144.00 2010 est. Europe
6 Iceland 123.80 2010 est. Europe
7 Jamaica 123.20 2010 est. North America
8 Italy 118.10 2010 est. Europe
9 Belgium 102.50 2010 est. Europe
10 Singapore 102.40 2010 est. Asia
11 Ireland 98.50 2010 est. Europe
12 Sudan 94.20 2010 est. Africa
13 Sri Lanka 86.70 2010 est. Asia
14 France 83.50 2010 est. Europe
15 Portugal 83.20 2010 est. Europe
16 Canada 83.10[2] 2010 North America
17 Egypt 80.50 2010 est. Africa
18 Dominica 78.00 2009 est. North America
19 Nicaragua 78.00 2010 est. North America
20 Israel 77.30 2010 est. Asia
22 Germany 74.80 2010 est. Europe

Portugal’s debt to GDP is the same as Canada’s


UK 13.3
Ireland 12.2
US 10.7
Iceland 10.1
Greece 9.8
Spain 8.5
Japan 8.2
Portugal 7.6

Yearly growth 2010 from EUROSTAT:

Greece -6.6%
Romania -0.5%
Spain 0.6%
Italy 1.3%
Portugal 1.4%
France 1.6%
UK 1.7%


Feb 16, 2011 10:51am EST  --  Report as abuse
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