Portugal not seeking debt help: minister

AFP, Tuesday 11 Jan 2011

Portugal does not plan to seek external help to cope with its debt and "is doing everything to avert such an eventuality," Finance Minister Fernando Teixeira dos Santos said on Tuesday

The minister told TSF radio that a bailout would "cause very serious damage to the country's reputation", which would require years to recover from.

EU diplomats say Portugal has come under heavy pressure in recent days from several European countries to accept outside help.

"Portugal is doing its work to solve its fiscal imbalances, it is Europe which seems not to be doing its work in maintaining the stability of the euro," said Teixeira dos Santos.

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