Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Portuguese President Urges European Response on Spain

Don't Miss Out —
Follow us on:

July 25 (Bloomberg) -- Europe needs to come up with an appropriate response to the fiscal and banking crisis in Spain, Portuguese President Anibal Cavaco Silva said.

“Besides the very courageous efforts of the Spanish government, it is our understanding that there is a need for a European response,” Cavaco Silva said in comments aired by SIC Noticias television today. “What’s at stake here is the stability of the entire euro zone.”

It’s important for the European Union and for Spain to succeed in their efforts to weather the ongoing debt crisis, as Portugal’s ability to meet its own targets, especially in terms of economic growth, also depends on external factors, said Cavaco Silva.

The European Commission approved a Spanish program to bolster the capital of some of the country’s banks today after officials denied a full-blown Spanish bailout was being prepared. Portugal is cutting spending and raising taxes as it tries to comply with the terms of its 78 billion-euro ($95 billion) rescue from the EU and the International Monetary Fund.

“The Spanish problem is a problem that is of interest to the entire European community and in particular to the euro area,” said Cavaco Silva.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.