The mother of kidnapped schoolgirl Ellie Silva will have to wait more months for justice.

Portugal exchanged €6.64bn of bonds to reduce debt repayments due in the next two years as it tries to exit its €78bn international bailout without needing another rescue.

An Irish schoolgirl who was allegedly kidnapped by her father last year has been found and her mother was last night on her way to see her.

Portugal’s borrowing costs jumped to the highest level since the adoption of the euro amid uncertainty about whether the government can cut the country’s debt levels.