Portugal passes muster for next funding round

Greeks bonds out as collateral

GENEVA, SWITZERLAND – Portugal will get the nice euros 14 billion of the 78bn allotted to it as part of a european bailout package. The country’s spending cuts and ability to stay on target for reducing its debt were reviewed by a team that visited Monday, from the three agencies providing the funding, the European Union, the European Central Bank and the IMF.

ECB also announced that it will not accept Greek bonds as collateral for loans; the refusal to accept Greek debt for borrowing is upsetting others in the financial world who say it will make it even more difficult for Greece to climb out of its financial mess.

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