TNBiz (TNBiz)
Finance  |  November 29, 2010 11:10:05

Roubini: Portugal will probably need financial assistance


Mediafax

LISBON (MEDIAFAX) - The likelihood that Portugal, like Ireland will need financial help, believes a leading U.S. economist Nouriel Roubini. On Monday about Reuters and Bloomberg, referring to the Diario Economic sheet.

"Whether you like it or not, Portugal touches the critical point. Might be a good idea to enlist the help of precaution," said economist and professor at a major New York University ¨ In an interview with Portuguese Diario Economic sheet. In his view, both Greece and Ireland initially denied that they needed help, but after market conditions worsened and had to turn for help to the European Union (EU) and International Monetary Fund (IMF).

Roubini also said that the request at the last minute will appear as "desperate." "I would contact the IMF immediately, ask for money right now," he said Roubini.

The spill-over debt problems in Portugal are concerned about the financial markets. For this reason, Lisbon adopted a series of austerity measures to reduce the high budget deficit. Portugal's 2011 budget aims at reducing public spending, reducing government salaries and increasing value added tax (VAT) to 23 percent. Furthermore, should the budget deficit next year to fall to 4.6 percent of gross domestic product (GDP), while this year it is expected that the deficit will reach 7.3 percent of GDP.

Simone Radacicova, radacicova@mediafax.cz

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Roubini: Portugalsko bude patrně potřebovat finanční pomoc

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