Brazil may buy Portuguese sovereign debt

10 December 2010

Brasilia, Brazil, 10 Dec – The Portuguese Finance Minister, Fernando Teixeira dos Santos, Thursday in Brasilia confirmed that the Brazilian government may help Portugal by buying Portuguese sovereign debt bonds.

“In the issues of Portuguese public debt we may have Brazilian entities that can be present in these operations and buy Portuguese debt,” said Teixeira dos Santos, following a meeting that lasted almost two hours with his Brazilian counterpart, Guido Mantega.

“(There may be) government bodies, businesses, investors, or whatever their nature, that are interested in investing in Portuguese debt,” he said.

According to Teixeira dos Santos, Portugal is making an effort to diversify the markets, outside Europe, that may be interested in Portugal’s sovereign debt issues.

“Brazil, as it is a strategic economy for us, is naturally a market that we should explore,” he noted.

The minister also said that he had not discussed figures for a potential operation of this nature, with Mantega.

The Brazilian Finance Ministry declined to comment on the meeting.

Last Friday, Brazilian president Luiz Inácio Lula da Silva, told the foreign press in Rio de Janeiro that, “Brazil will make whatever efforts are in its reach to help Portugal out of the crisis more quickly.” (macauhub)