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Portugal Tells Nervous Markets It's Got Enough Cash

  • Country’s 10-year bond yield climbed to highest in 11 months
  • Dijsselbloem says Portugal needs to push forward with reforms
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Portuguese Finance Minister Mario Centeno said debt is declining and funding for this year is “under control” as European officials urged reforms following an increase in the country’s borrowing costs.

“We have a cash buffer that is large enough to face the year in a comfortable position,” Centeno said in a Bloomberg Television interview on Thursday in Brussels. The minister said he doesn’t expect Portugal will have to rely on that cash buffer instead of market financing. “We have a year that is pretty much under control in terms of funding.”