Portugal banks' ECB borrowing edges up again
LISBON Oct 8 (Reuters) - Portuguese banks' cumulative borrowing from the European Central Bank edged up 0.5 percent in September to 51.8 billion euros ($70.3 billion), a fourth consecutive monthly rise, data showed on Tuesday.
The borrowing has increased since a political crisis in July led to a government reshuffle, causing Portugal's bond yields to rise, but is still well below the 60.5 billion euro peak hit in mid-2012 at the height of the debt crisis.
Bond yields have retreated since last week, when Lisbon passed a quarterly evaluation of its adjustment programme under an EU/IMF bailout, reaffirming its fiscal goals.
Worries about the bailed-out country left most Portuguese banks unable to borrow commercially last year, leading them to take large scale advantage of liquidity injections by the ECB. But borrowing from the euro zone's central bank fell to a 2013 low of 47.8 billion euros in March.
Portugal is navigating its third year of recession and expects to return to growth in 2014, when it is also scheduled to exit its EU/IMF bailout. The economy expanded in the second quarter for the first time in 10 quarters.
($1 = 0.7368 euros) (Reporting By Andrei Khalip; editing by Patrick Graham)
- Obama and Castro shake hands, Zuma humiliated at Mandela memorial |
- Google bus blocked in San Francisco gentrification protest
- Reporter can keep sources secret in Colorado theater shooting: court
- Couple, four children missing in Nevada found safe in canyon
- Regulators seek to curb Wall St. trades with Volcker rule |