Bailed-out Portugal raises $3.9 BN in debt auction

(AP)? LISBON, Portugal ? Bailed-out Portugal has managed to raise euro3 billion ($3.9 billion) in a debt auction despite concerns that a deepening recession could force it to ask for more international financial help.

Portugal has enacted broad spending cuts to reduce its a massive debt load, but after a double-dip recession in 2011, the government forecasts a further 3 percent contraction this year.

The downturn could leave Portugal short of funds, meaning its European partners and the International Monetary Fund may have to find further funds on top of the euro78 billion they lent to the country last year to escape bankruptcy.

The government debt agency said interest rates in the sale of 3-, 6- and 12-month Treasury bills were below 5 percent amid strong demand.

Source: http://feeds.cbsnews.com/~r/CBSNewsGamecore/~3/BvqZWYbHSXI/

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