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Spain and Portugal say no need in financial rescue

27 November 2010 11:33 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. JosÃ© Manuel Barroso, the European Commission president, said Portugal had not requested nor Brussels suggested a financial rescue for Portugal. He also urged European politicians to keep to decision-making and avoid â€œpolitical commentaryâ€. Portuguese PM Jose Socrates has also denied reports that his country is under pressure from the European Central Bank and other eurozone governments to request an international financial bail-out.
Portugalâ€™s parliament approved a tough austerity budget for 2011, which contains special program to reduce social expenditures and increase value-added taxes. GDP rate is expected to fall from 7.3% to 4.6%.
Spanish Prime Minister Jose Luis Rodriguez Zapatero also said that his government wouldnâ€™t ask the financial assistance. He said they have already launched a program to reduce the budget cut.
False reports about the Portuguese and Spanish plans were spread shortly after Ireland sought a bailout package. Ireland was second after Greece which made this step.