Portugal needs 29.1 billion euros in 2013 to pay down debt and interest

13 December 2012

Portugal’s needs funding of 29.1 billion euros in the next 12 months to make debt payments and pay interest, the Technical Unit for Budget Support (UTAO) said in a statement issued Wednesday in Lisbon.

The biggest payment is due in September 2013, when Portugal is expected to make a return to medium and long term international debt markets.

In September, according to the UTAO, Portugal will have to pay back 5.8 billion euros and an additional 300 million euros in interest, and in October another payment of 2.6 million with added interest of 1.7 million euros is due.

Portuguese public debt, according to the latest projections, is expected to total 119.1 percent of gross domestic product (GDP) this year, and 123.7 percent in 2013.

In the report on public debt, which takes into account GDP figures for the third quarter of 2012, the UTAO specialists warn that if debt continues to grow at the same rate, public debt levels will become unsustainable. (macauhub)