The eurozone took another step towards recovery yesterday after investors flocked to Portugal’s first regular debt auction since applying for international help in 2011, pushing its borrowing costs to their lowest level in eight years.
The auction of the 10-year bond, which raised €750m with a better than expected yield of 3.57 per cent, paves the way for Portugal to become the second eurozone country after Ireland to depart its three-year rescue programme.
Lisbon still has to decide whether it will exit its bailout next month with or without a precautionary credit line from the European Stability Mechanism – the eurozone’s new permanent rescue fund. But the successful auction lifts Lisbon’s chances of a clean getaway.
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