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Portugal buys time with bond sale

Portugal buys time with bond sale
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Crisis-hit Portugal has bought some time with its latest sale of government bonds.

Lisbon managed to sell 1.65 billion euros worth of short-term bonds but had to offer a high rate of interest that analysts called unsustainable.

Portugal has to make 12 billion euros worth of debt payments in April and June that investors speculate may push state finances over the edge forcing an international bailout.

Portugal’s bond yields are rapidly coming close to the same levels as Ireland, which had to ask for an international bailout.

The country’s president has called snap elections for early-June and most market participants expect the new government to have little choice but to ask for aid immediately afterwards.

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