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Portugal Will Not Require PSI on Bonds, UniCredit’s Nielsen Says

Portugal will not have to follow Greece in seeking private investor losses to restructure its debt, according to Erik F. Nielsen, global chief economist at UniCredit SpA.

While the nation may have to seek more aid, it will not need to ask for private-sector involvement, or PSI, Nielsen said today at the Bloomberg Sovereign Debt Conference hosted by Bloomberg Link in Frankfurt. Growth in the euro area will be better next year, he said.

“For the next year or two the crisis has been resolved,” he said. Greece has become “irrelevant,” Nielsen said.

Nielsen also said he’s more bullish on the dollar than he is bearish the euro.

The 17-nation European currency fell 0.4 percent to $1.3160 at 11:03 a.m. London time. The yield on the Portuguese bond maturing in April 2021 fell six basis points to 12.50 percent, dropping for the fifth consecutive day.

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