Europe's central bank gives helping hand to Portugal

In a move similar to the Greek case, the European Central Bank (ECB) on Thursday (7 July) suspended a minimum rating requirement for Portuguese bonds after one of the major credit rating agencies earlier this week downgraded Portugal to 'junk status'.

In response to the downgrade announced by Moody's on Tuesday, the European Central Bank has decided to suspend "until further notice" the minimum rating threshold required for Portuguese bonds, ECB chief Jean-Claude Trichet said during his...