Portugal raises €1.5bn in debt sale

PanARMENIAN.Net - Portugal has raised €1.5 billion ($2 billion) in a debt sale at sharply lower rates as the bailed-out country continues to benefit from improving market confidence, The Associated Press reports.

The government debt agency said it sold €1.155 billion in 12-month debt Wednesday, Feb 20, at a rate of 1.277 percent, down from 1.61 percent last month. It said there was market demand for more than double the amount offered.

It also collected €345 million from a 3-month T-bill sale, with the yield slightly up at 0.737 percent compared with 0.67 percent in January. Demand was almost four times higher than the amount available.

Portugal has cranked up its austerity measures this year to reduce the national debt, despite a steep recession.