May 30, 2017 / 6:20 AM / 6 months ago

Portugal has no need for bad bank, PM Costa says

BERLIN (Reuters) - Portugal’s banks show no signs of needing further state aid and the country does not need a bad bank, Prime Minister Antonio Costa told German newspaper Handelsblatt in an interview published on Tuesday.

Portugal's Prime Minister Antonio Costa attends a news conference at the end of Southern EU Countries summit at El Pardo Palace in Madrid, Spain, April 10, 2017. REUTERS/Juan Medina

Costa said his government was working with the national central bank to further stabilize the banking sector by setting up a platform for banks to coordinate the repayment of debts, as many firms had loans with several lenders.

Turning to ratings agencies, he added: “I am confident they will now raise their evaluations soon.”

Writing by Paul Carrel; Editing by Michael Nienaber

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