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Portugal Says It Will Issue Up to 20 Billion Euros in Bonds in 2011

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LISBON, Portugal (AP) — Portugal's debt agency says it needs to raise up to euro 20 billion on international markets in 2011 in what will be a key test of the country's ability to calm jittery investors.

The Institute for Treasury and Public Credit Management said in a statement on its website Wednesday that it intends to issue bonds worth euro18-20 billion to meet Portugal's financing requirements. It provided no dates for the auctions.

Portugal is one of the frailest members of the 16-nation eurozone. Its high debt burden and low growth in recent years have fueled speculation it may join Greece and Ireland in needing a financial bailout.

Austerity measures adopted by the government to restore the country's fiscal health are expected to stunt economic growth next year.

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