Draghi: Portugal Does Not Yet Qualify For OMT Bond Purchases

PARIS (MNI) – European Central Bank President Mario Draghi said
Thursday that Portugal does not qualify for bond purchases under its OMT
program because it has not regained full market access.

“The OMT is not a replacement for a lack of market access,” Draghi
said. The bond swap engineered by Portugal on Wednesday was “the
beginning of complete market access” and “a reassuring bit of news,”
but was not sufficient to qualify for the OMT, he said.

Draghi said that Portugal continued to make significant progress in
its economic reforms, despite increasing social unrest.

“We share completely the concerns that have been expressed about
the social situation, but the reform agenda is in place,” Draghi said.

–Paris newsroom; +33142715540; jduffy@marketnews.com

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