Portugal, Spain play for time after Irish EU/IMF capitulation
While Ireland’s negotiations over an EU/IMF rescue financing package have refocused investors’ attention on other struggling eurozone sovereign credits, somewhat stronger banks and a deeper domestic investor base could buy Portugal and Spain more time to repair their economies, debt strategists and bankers said this week. But both countries may eventually have to seek external support too.
The sovereigns hurried to distance themselves from Irelands crisis (and Spain from its smaller neighbour as well). Each continued to argue on Thursday that their problems could be solved without any kind of external rescue package.
Fernando Teixeira dos Santos, Portugals finance minister, said that his country could
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