Merkel says Portugal ready to do more to tackle economic crisis

Merkel says Portugal ready to do more to tackle economic crisis
# 11 January 2011 23:01 (UTC +04:00)
Baku-APA. Portugal has promised that it is ready to take additional measures to tackle the economic crisis, German Chancellor Angela Merkel said on Tuesday during a visit to Cyprus, APA reports quoting Xinhua News Agency.

"The Portuguese President has assured me that should the European Commission, the European Central Bank and the International Monetary Fund consider that additional measures should be taken to solve the country’s problems, he is willing to take them," Merkel said after talks with Cyprus President Demetris Christofias.

Merkel said that Portugal has brought about deep cuts in spending but time is needed for results to show.

Lisbon plans to raise over 750 million euros (972 million U.S. dollars) in a new issue of government bonds on Wednesday, a key test for the country’s ability to refinance its huge debts.
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