Portugal pays high rates to borrow 1.0 bln euros

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Portugal, negotiating a debt rescue with the EU and IMF, borrowed one billion euros ($695 million) for three and six months on Wednesday but had to pay sharply increased interest rates even though demand was strong.

Meanwhile the yield or interest rate on existing Portuguese 10-year debt rose above 9.0 percent for the first time.

-- Dow Jones Newswires contributed to this report --

© 2011 AFP

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