News Summary: Portugal raises $2.4B in auction

News Summary: Bailed-out Portugal raises $2.4 bln in debt auction despite economic crisis

Associated Press

BILLIONS BID: Portugal managed to raise €1.85 billion ($2.4 billion) in a debt auction Wednesday despite the country's bleak economic prospects and growing political tension over austerity policies.

ROCKY ROAD: The coalition government forecasts a third straight year of recession next year, predicting a 1 percent economic contraction, but its draft budget for 2013 compounds the austerity program with steep tax increases that would cost many workers the equivalent of at least a month's pay.

POOR PORTUGAL: Portugal was close to bankruptcy when it was engulfed by the eurozone's financial crisis and asked for a €78 billion rescue last year.

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