ECB buys Portuguese debt

The European Central Bank (ECB) began to buy Portuguese debt on Thursday, as the interest rate on the 10-year bonds jumped to a euro-era high of 7.6 percent in the secondary market.

After the ECB's intervention, the interest rate fell to 7.35 percent, the same level as yesterday.

The yield on the Portuguese debt started to rise after the Portuguese government announced the emission of new 1-year bonds due to be auctioned next Wednesday.

Although Portugal has been issuing long- and medium-term debt with an interest of over 6.5 percent in the last three months, the average yield on the Portuguese debt hovers around 3.4 percent.

Source: Xinhua

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