{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Portugal raises 1 billion euros in an auction of short-term debt amid recovery hopes' data-url='/boclips/videos/5c54c350d8eafeecae16056d' data-video-url='/boclips/videos/5c54c350d8eafeecae16056d' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPortugal raises 1 billion euros in an auction of short-term debt amid recovery hopes\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003ePortugal raised 1 (b) billion euros (1.34 billion US dollars) in short-term debt amid signs that the country's deep recession has bottomed out.The government debt agency said on Wednesday that it sold 700 (m) million euros (937 million...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003ePortugal raised 1 (b) billion euros (1.34 billion US dollars) in short-term debt amid signs that the country's deep recession has bottomed out.\u003cbr/\u003eThe government debt agency said on Wednesday that it sold 700 (m) million euros (937 million US dollars) in 12-month Treasury bills at a cost of 1.619 percent, which was down from 1.72 percent at an equivalent auction last month. \u003cbr/\u003eIt also raised 300 (m) million euros (402 million US dollars) in 3-month bills at 0.766 percent, but that was slightly higher than 0.743 percent paid in April.\u003cbr/\u003e\"Basically they (the auction results) were in line with the overall secondary market and according with expectations,\" said Rui Barbara, an asset manager at Carregosa Bank in Lisbon. \u003cbr/\u003ePortugal received a 78 (b) billion euro (104 billion US dollars) bailout in 2011 after the global financial crisis and a decade of low growth pushed it towards bankruptcy.\u003cbr/\u003eThe economy grew 1.1 percent in the second quarter of 2013 from the previous three months.\u003cbr/\u003eBefore that, it had dropped for 10 consecutive quarters as spending cuts and tax increases enacted in return for the bailout took a toll on economic activity. \u003cbr/\u003eAt the same time, the jobless rate dropped to 16.4 percent from a record 17.7 percent in the first quarter.\u003cbr/\u003eBarbara said the auction result was in line with secondary market rates and investor expectations, because \"everything is pointing to a stabilisation\" of the economy.\u003cbr/\u003eBut he warned that \"that does not mean that you are going to have growth. It simply says that you are not falling any more.\"\u003cbr/\u003eRisks remain for Portugal's recovery, however, and the government expects GDP to contract by 2.3 percent this year before growing 0.6 percent in 2014.\u003cbr/\u003e1. Pull focus from screen reading (English) \"Who's buying\" and showing graphics of markets, to broker in trading room\u003cbr/\u003e2. Close of computer screen reading (English) \"Portugal government auction\"\u003cbr/\u003e3. Mid of brokers \u003cbr/\u003e4. Various of brokers and Rui Barbara, asset manager at Carregosa Bank, in trading room\u003cbr/\u003e5. Various of computer screens showing results of Treasury bills auction\u003cbr/\u003e6. SOUNDBITE (English) Rui Barbara, asset manager for Carregosa Bank:\u003cbr/\u003e\"We had two auctions today, in terms of two different Treasury bills with different maturities. The three month (bills) were a little bit higher than the last previous auction, it came out at 0.76 basis points, a little bit higher than 0.74 that was the last auction. But the 12 month (bills) came out a little bit better, at 1.62 versus 1.7 something, that was the previous auction. So basically they were in line with the overall secondary market and according with expectations.\"\u003cbr/\u003e7. Various of brokers in trading room\u003cbr/\u003e8. Close of screen showing development of 10-year Portuguese bonds in August\u003cbr/\u003e9. SOUNDBITE (English) Rui Barbara, asset manager for Carregosa Bank:\u003cbr/\u003e\"You are seeing stabilisation. At least everything is pointing to stabilisation on the economy in the southern European (countries). That does not mean that you are going to have growth in terms of being even medium-high, it simply says that you are not falling any more.\"\u003cbr/\u003e10. 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