EU pressures Portugal and Ireland for debt plans

Portugal has followed Ireland as the next European Union (EU) nation to come under pressure from eurozone finance ministers to outline detailed debt management plans.

Portugese and Irish finance ministers will meet with EU heads in Brussels today to discuss the possibility of an international bail-out, which both countries are keen to avoid.

Fernando Teixeira dos Santos, Portugal’s finance minister, has blamed contagion in EU financial markets for its increasing likelihood to require emergency assistance, according to the Financial Times. (article continues below)

He says: “The risk is high because we are not facing only a national or country problem.”