http://www.bbc.co.uk/news/business-11884132
Facing financial struggles, Portugal ensures that it is not in need of an EU funded bail-out. However, ever-growing public debt states the contrary. Countries in the European Union have been economically troubled with Greece and the Irish Republic receiving EU bail-outs. Portugal is attempting to resolve their finances by having bond auctions. However, a lack of confidence in the country's economy has hindered sales. In order to compensate for this lack of confidence, Portugal's government has been forced to offer a higher return rate. The Portugal's Prime Minister, Jose Socrates, claims that they only need "confidence in the Portuguese economy." Portugal continues to communicate that they are OK, however, the country has massive debts, has not been able to reduce its target deficit reduction, and has been warned by the central bank that the country faces an "'intolerable'" risk.
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