Portugal seeks bailout, Trichet confident rate hike will only help

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The Portuguese government has requested assistance from the European Commission only hours before the European Central Bank (ECB) moved to raise interest rates, which it believes will help support the sovereign.

José Sócrates, Portugal's outgoing prime minister, on Wednesday said the Portuguese government had presented an application to the European Commission to apply for financial assistance in order to ensure financing conditions. Sócrates said the decision was "a last resort" after the count

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