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Portugal raises $1.34 billion amid recovery hopes

Wednesday - 8/21/2013, 9:10am  ET

LISBON, Portugal (AP) -- Portugal has raised 1 billion euros ($1.34 billion) in short-term debt amid signs the country's deep recession has bottomed out.

The government debt agency said Wednesday it sold 700 million euros 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. It also raised 300 million in 3-month bills at 0.766 percent, but that was slightly higher than 0.743 percent paid in April.

Portugal received a 78 billion euro bailout in 2011 after the global financial crisis and a decade of low growth pushed it toward bankruptcy.

The economy grew a quarterly 1.1 percent in the second-quarter after for 10 straight falls. The jobless rate dropped to 16.4 percent from a record 17.7 percent in the first quarter.

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