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FSN: Debt Spiral Could Push Portugal Into New Bail-Out, Admits EU-IMF
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Portugal could face a second bail-out as the country, mired in recession and deeply divided over eurozone austerity measures, is caught in a debt spiral of soaring costs and borrowing to payback EU-IMF loans.
by Bruno Waterfield, Brussels
Telegraph.co.uk
Portugal, which is struggling to implement eurozone austerity measures, will owe the EU and IMF €78 billion in bail-out loans when it has to return to the financial markets for financing in July next year.
Leaked EU-IMF troika documents admit that this will be nigh on impossible because Portugal will need to borrow €14.1 billion in 2014, up 30pc more annually than before the bail-out, at higher interest costs than those that caused its initial crisis in 2011.
“Portugal has the challenge of needing to finance more than pre-crisis albeit with a sub-investment grade rating,” the document leaked to the Financial Times admitted.
Continue Reading at Telegraph.co.uk…
2013-04-11 09:46:51
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