Portugal raises euro1 billion at debt auction - East Valley Tribune: Home

Portugal raises euro1 billion at debt auction

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Posted: Tuesday, April 19, 2011 9:42 pm

(AP) — Portugal has raised euro1 billion ($1.4 billion) at a short-term debt auction as it negotiates terms of a badly needed bailout to avert bankruptcy.

The government debt agency said it sold euro680 million in 3-month bills Wednesday at an average interest rate of 4 percent, up from 3.7 percent at the last such auction in January. The sale was two-times oversubscribed.

The agency also sold euro320 million in 6-month bills at an average rate of 5.5 percent, up from 5.1 percent on April 6. This auction was 3.7 times oversubscribed.

Delegations from the European Commission, the European Central Bank and the IMF have been in Lisbon since Monday to start negotiations on the rescue, which could amount to euro80 billion.

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