Portugal Moves Closer to Bailout as Socrates Quits on Summit Eve
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Portugal moved closer to an international bailout as Prime Minister Jose Socrates’s offer to resign left his government in limbo on the eve of a European Union summit to address the region’s debt crisis.
Two-year Portuguese bond yields reached the highest since 1999 before today’s summit of EU leaders in Brussels to sign off on measures aimed at drawing a line under the sovereign-debt crisis. The government of Socrates, who will attend the meeting, retains its powers for now before President Anibal Cavaco Silva meets tomorrow with the main parties to resolve the political crisis or call elections.