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Report: Greek default could be disaster for Portugal

By REUTERS

SEPTEMBER 21, 2011 01:40

LISBON - A debt default by Greece could have disastrous consequences for Portugal, which must take steps to avoid the fall-out from such an event, Prime Minister Pedro Passos Coelho said on Tuesday.

Passos Coelho, whose government is rushing to differentiate Portugal from Greece in its efforts to meet the terms of its own bailout from the European Union and IMF, said the possibility of a Greek default could not be ruled out.

"We are on the edge of a situation of great uncertainty, if not to speak of the possible default by a state," Passos Coelho told RTP television in an interview, referring to Greece.

"This could have disastrous consequences for Portugal, above all in terms of financing for banks and the economy," said Passos Coelho, whose center-right government came to power just as the country started receiving bailout funds in the summer.

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