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Debt-laden Portugal raises euro1.25 billion ($1.71 billion) in bill auctions
LISBON, Portugal (AP) ' Portugal has raised euro1.25 billion ($1.71 billion) in two short-term debt auctions with interest rates reflecting simmering market unease over the eurozone sovereign debt crisis.
Portugal needed a euro78 billion ($105 billion) bailout this year to help pay its debts as it battles to emerge from recession.
The state debt agency said Wednesday it sold euro1 billion ($1.37 billion) in 3-month bills at a rate of 4.93 percent, down slightly from 4.96 percent in the last such auction Sept. 7.
It also sold euro250 million ($342.75 million) in 6-month bills but had to pay a yield of 5.25 percent, up sharply from the 4.98 percent paid in the last sale.
Demand for shorter-term bills was 1.7 times higher than the amount offered and 4.5 times higher for the longer loan.