EU Refutes Report its Pressuring Portugal to Seek Aid
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Despite the fears of the European debt crisis spreading, officials for the European Union denied reports that Portugal were under pressure to seek a bailout, while Spain denied needing aid to manage its finances.
According to a report from the Financial Times Deutschland, sources are saying that that some of the EU states wanted Portugal to seek aid to avoid Spain being next.
"If Portugal were to use the fund, it would be good for Spain, because the country is heavily exposed to Portugal," the reports quoted Germany's finance ministry as saying.
However EU Commission President Jose Manuel Barroso refuted the report.
"I can tell you that it's absolutely false, completely false," Barroso said.
According to a report from the Financial Times Deutschland, sources are saying that that some of the EU states wanted Portugal to seek aid to avoid Spain being next.
"If Portugal were to use the fund, it would be good for Spain, because the country is heavily exposed to Portugal," the reports quoted Germany's finance ministry as saying.
However EU Commission President Jose Manuel Barroso refuted the report.
"I can tell you that it's absolutely false, completely false," Barroso said.
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