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Lisbon (AFP) Dec 22, 2010 China is ready to buy up to 5.0 billion euros in Portuguese sovereign bonds to help Portugal cope with financial market stress, the newspaper Jornal de Negocios said Wednesday. "China is prepared to lend as much as 5.0 billion euros (6.5 billion dollars) to Portugal" to "ease the pressure" on Lisbon, the newspaper said without citing its source. The finance ministry did not immediately confirm the report. Saddled with heavy debt and a gaping public deficit, Portugal has had to offer higher interest rates to attract investors to its sovereign bonds and is seen as a likely candidate for a international bailout, similar to those accorded Greece and Ireland. Jornal de Negocios said an agreement between Portugal and China "should assure a Chinese presence in public debt bond operations or its active participation in secondary market debt negotiations." Finance Minister Teixeira dos Santos travelled last week to China where he met senior Chinese officials to discuss Portugal's debt problems. "We have taken a major step to strengthen our relations at all levels, regarding trade, investment and finance," he said on his return. During a visit to Lisbon in November, Chinese President Hu Jintao pledged support to help Portugal overcome its finance crisis but made no concrete commitments. On Tuesday, Chinese officials said they wanted to help Europe get through its debt and deficit problems, offering to do what it could to ease the pressure. China holds substantial forex reserves in euros.
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