Portugal Shouldn't Be Forced Into Rescue, Germany's Hoyer Says

German Deputy Foreign Minister Werner Hoyer called the Portugal bond auction “good news” and proof that a European-led financial rescue should not be forced upon the government.
“The Portuguese do not believe that a bailout is necessary, or an action like the Irish did - that is, fleeing under the umbrella - and we should take that seriously,” Hoyer said in an interview with Bloomberg Television in Washington.
Hoyer praised Portugal’s falling borrowing costs and rising demand at the nation’s sale of 10-year bonds yesterday, saying the sale will give Lisbon breathing space to improve its public finances.
“They predicted that and they were proven right,” he said. “So we should not talk down economies and currency all the time, and should give credit to those who seriously make efforts to go to the roots of the problems.”
It does not make sense to force the Portuguese “into some protection scheme which they do not want and which they do not consider necessary,” he said.
Hoyer criticized those who have suggested the demise of a single European currency and the threat of a sovereign debt crisis spreading throughout the euro zone. He dismissed worries over the euro, saying the common currency has “served us very, very well.”

http://www.bloomberg.com/news/2011-01-12/portugal-shouldn-t-be-forced-into-accepting-a-rescue-germany-s-hoyer-says.html