Monday, February 28, 2011

Portugal efforts to fix crisis may be in vain-minister 2011-02-28 11:34:36 GMT (Reuters)

LISBON, Feb 28 (Reuters) - Portugal promised on Monday to cut its budget deficit and implement reforms but its finance minister warned this may all be in vain if Europe did not take strong action within weeks to resolve the region's debt crisis.
Debt-laden Portugal is seen by many investors as the likely next candidate to seek an international bailout, following Greece and Ireland, after its borrowing costs rose sharply over the past year.
"I fear that if Europe does not take the necessary steps, all this effort (by Portugal) may have been in vain," Fernando Teixeira dos Santos told a conference organised by Reuters and local TSF radio. Texeira dos Santos said he hoped the European Union would take clear measures to create crisis management mechanisms at two summits next month while Portugal forged ahead with efforts to cut its budget deficit.

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