Portugal closer to bail-out as ESM details announced

23 Mar 2011

In the same week that Europe’s politicians finally fleshed out the future of sovereign bail-outs, the Portuguese opposition is expected to reject proposed austerity measures — a move that could hasten the country towards a bail-out that many bankers already see as inevitable.

Rejection of the economic reforms could force the resignation of the government in Portugal just as a European Union summit is due on Thursday to thrash out final details of the region's “grand bargain” to end the debt crisis. Portuguese bond yields moved to around 8.06% in five ...

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