The debt-burdened Portuguese government has successfully raised €1.2bn on the money markets this morning.

Portugal’s finance minister said today that he does not expect his country will need a bailout to resolve its financial problems.

Europe faced more seemingly inevitable bail-outs today as it battled to keep the debt crisis from engulfing country after country.

Portugal’s parliament has approved a plan to hike taxes and cut salaries and welfare benefits next year in a bid to reverse waning market confidence in its public finances.

Ireland will face intense European pressure today to accept a massive financial bail-out – not just to rescue the Irish economy but to save the single currency itself.

PORTUGAL’S Finance Minister has said “the risk is high” Ireland will have to ask for an international rescue, and said the Irish Government must take into account what is best for the eurozone as well as the country when it decides whether to seek financial help from the European Union and International Monetary Fund.

PORTUGAL announced new austerity measures yesterday, cutting welfare benefits and government hiring as well as selling assets and raising taxes.

Portugal announced new austerity measures today to avoid a debt crisis like the one engulfing Greece, cutting welfare benefits and government hiring as well as selling assets and raising taxes.

European stock markets have fallen, led by concerns over debt-ridden Greece and Portugal and whether their governments will be able to push through unpopular austerity programs to tame their ballooning deficits.

BRIAN LENIHAN has been ranked the second-worst finance minister out of 19 European countries by an expert group of leading economists and analysts.

EU finance chiefs are holding their second day of talks in Portugal today, with the global markets crisis expected to dominate discussion again.