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Portugal's debt issue shows confidence: PM

Xinhua, July 23, 2015 Adjust font size:

Portugal's debt issue on Wednesday shows confidence and the country is ready to take on commitments to lower the its debt, Portuguese Prime Minister Pedro Passos Coelho said.

"We are ready to comply with all our commitments and all our obligations in what concerns our debt, not only until the end of this year, but also because we have already started to deal with that, to adequately finance next year, which is a good news for Portugal," Passos Coelho told journalists, according to Portuguese Lusa News Agency.

Passos Coelho said the debt issue on Wednesday of 1.5 billion euros (about 1.64 billion U.S. dollars) in 5-year and 22-year treasury bills meant it was an "important day for Portugal" which he said meant there was great confidence in the markets.

"The fact that the IGCP agency ... having detected confidence and appetite in the market for these kind of operations is extremely positive for our country," he added.

Portugal sold 900 million euros in 5-year shorter maturity debt on Wednesday, placed at an average rate of 1.4232 percent, and 600 million euros in 22-year longer term debt at a rate of 3.5341 percent.

On Wednesday the government held its last debate at parliament as the general elections approach in October.

The country's debt load stands at over 130 percent according to Eurostat, the third highest in the European Union. (1 euro = 1.09 U.S. dollars) Endit