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Portugal's lower negative yields for debt auction is turning point in economy: president

Xinhua, May 17, 2017 Adjust font size:

Portuguese President Marcelo Rebelo de Sousa said on Wednesday that Portugal's 1.5 billion euros (1.67 billion U.S. dollars) in treasure bill auction earlier in the day at even more negative yields confirms a turning point in the country's economy.

"It's good news, confirming the turning point that I spoke of yesterday in the Portuguese economy. The markets are feeling the financial soundness in Portugal," Rebelo de Sousa told the reporters in Lisbon.

Portuguese Treasure and Debt Management Agency (IGCP) announced that Portugal placed a total of 1.5 billion euros in six- and 12-month treasury bills earlier on Wednesday at more negative average yields than previous comparable auctions.

Portugal placed 1 billion euros in 12 month bills at the average yield minus 0.153 percent against minus 0.112 percent in a similar auction on March 15 this year.

The country also auctioned 500 million euros in six-month bills at an average yield of minus 0.210 percent against minus 0.158 percent in a similar auction on the same day.

Portugal's Socialist government, which came to power in November 2015, has been reversing austerity measures imposed by the previous administration following a 78-billion-euro (84.76 billion U.S. dollars) bailout in 2011.

Portugal has been on track for a slow economic recovery since it exited the bailout in 2014 after three years of harsh austerity. Its economy grew 1.2 percent of GDP last year and public debt surpassed 130 percent. Endit