Portugal needs to raise up to 20 bn Euros in 2011

LISBON: Portugal's debt agency says it needs to raise up to Euro 20 billion on international markets in 2011 in what will be a key test of the country's ability to calm jittery investors.

The Institute for Treasury and Public Credit Management said in a statement on its website Wednesday it intends to issue bonds worth Euro 18-20 billion to meet Portugal's financing requirements. It provided no dates for the auctions.

Portugal is one of the frailest members of the 16-nation eurozone. Its high debt burden and low growth in recent years have fueled speculation it may join Greece and Ireland in needing a financial bailout.

Austerity measures adopted by the government to restore the country's fiscal health are expected to stunt economic growth next year.