Portugal 'escapes credit woes'

Article Date : 28 September 2007

Portugal is likely to escape direct consequences of the credit problems facing international markets, a leading expert has said.

Carlos Tavarez, the president of stock market regulator CMVM, told local paper Diario Economico that Portugal's investors will face only a "residual" effect of the much-discussed credit crunch.

"We should not underestimate this situation saying it is temporary but on the other hand nobody can say that the situation will be amplified," Forbes cites Mr Tavarez as telling the paper.

However, he did warn that there could be no guarantee against the problem occurring on some level in the future.

As such, his organisation will be meeting frequently with investors in the country to ensure that any possible issues are anticipated.

In the UK, fears over the credit crunch having a major impact on property markets were allayed to some extent as Nationwide revealed that a 0.7 per cent rise in prices occurred this month.

Portugal 'escapes credit woes'

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