Portugal raised $1.4 billion which is about euro 1 billion in a T-bills (Treasury bill) sale on Wednesday.
According to the Pacific Investment Management Co., the Greece and Portugal require the increase in European Central Bank interest rates. The ECB needs to make new policies for the Eurozone which can include the hike in interest rates.
The government debt agency sold Euro 560 million in T-bills which will be matured in the month of October, where as they sold Euro 450 million in bills that will mature in March in 2012.
Filipe Silva, Debt Manager at Banco Caregosa, said that Portugal will be able to issue debt once more, but the interest rates will be very high.
On the other hand, the bankers of Portugal are asking the government for the bridge loan of at least Euro 10 billion through the elections from European Union Partners.
The substantial financial support is very important, said the President of the Portuguese Association of Banks, Antonio de Sousa. He added that the banks now have no more credits to give.
The negotiation of bailout package from the EU will help in solving the funding needs. The provision of bridge loan from EU will help the bankers.
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