May 30, 2017 / 6:21 AM / 4 months ago

Portugal has no need for bad bank, PM Costa says

Portugal's Prime Minister Antonio Costa attends a news conference at the end of Southern EU Countries summit at El Pardo Palace in Madrid, Spain, April 10, 2017. REUTERS/Juan Medina

BERLIN (Reuters) - Portugal’s banks show no signs of needing further state aid and the country does not need a bad bank, Prime Minister Antonio Costa told German newspaper Handelsblatt in an interview published on Tuesday.

Costa said his government was working with the national central bank to further stabilize the banking sector by setting up a platform for banks to coordinate the repayment of debts, as many firms had loans with several lenders.

Turning to ratings agencies, he added: “I am confident they will now raise their evaluations soon.”

Writing by Paul Carrel; Editing by Michael Nienaber

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