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Portugal Faces Struggle to Avoid Bailout

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Portugal  European Union  Ireland  Greece  Reuters 

By - Wednesday 24 November 2010

Portugal has been told that it only has a few months to convince the international money markets that it can avoid becoming the next eurozone county to fall. Following the news that Ireland has had to seek out a bailout from the EU, the country now faces an uphill struggle.

But compared with Ireland and the eurozone's first bailout beneficiary Greece, Portugal has a "relatively manageable fiscal deficit and debt", no major problems at its banks and no property bubble, Reuters reports.

However, Portugal is currently struggling to meet fiscal targets for this year that, if missed, would likely raise already high servicing costs towards unsustainable levels in the run-up to a major debt repayment in April.

"Portugal could be next and its public finances are under a lot of pressure," Diego Iscaro, an economist at IHS-Global Insight, told the news provider. "Still, meeting its 7.3 per cent fiscal deficit target this year would lower the chance of having to go to the European stability fund."

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