Portugal to Exchange Next Year Bonds for 3 Year Notes

The Portuguese debt agency IGCP will offer to buy bonds maturing in September 2013 at 5.45 percent and will sell bonds maturing in 2015 at 3.35 percent. This decision by Portuguese authorities has been questioned as it seems to just be prolonging the inevitable. The flip side is that Portugal's 2013 obligations are 10 billion euros for which there will be no support from the European Union.