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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Portugal fights eurozone contagion, adopts budget AFP - Saturday, November 27 Send IM Story Print LISBON (AFP) - – The Portuguese parliament gave final backing Friday to a hard-hitting 2011 budget as the government rushed to quash suggestions its euro partners were pushing it to seek outside financial help. Portuguese lawmakers approved the deficit-slashing spending plan in hopes the country can regain market credibility after figures showed it had made little progress in restraining expenditures this year. As market pressure continued to mount on Portugal and Spain, Finance Minister Teixeira dos Santos said it was challenge to the entire eurozone. "The attack of the markets on sovereign debt, in particular against so-called peripheral countries, is a test of the willpower and the capacity of the countries targeted, but above all the eurozone to face up to the crisis," said the minister during the budget debate. "A crisis that has systemic aspects demands a response not only from the countries concerned but also and above all from the eurozone," he emphasised. The draconian budget approved Friday aimed at reducing the public deficit from 7.3 percent of output this year to 4.6 percent in 2011. "This budget contains difficult and demanding measures for all Portuguese, but there are no alternatives for to get Portugal out of the centre of a large financial crisis," Prime Minister Jose Socrates said after the vote. The budget seeks savings of around five billion euros (6.85 billion dollars) through a combination of spending cuts and tax hikes, including a significant reduction in public sector wages that spurred Wednesday the largest general strike in the country in two decades. Earlier in the day Portuguese and German officials sought to quash a suggestion Portugal was under pressure from fellow euro partners to seek help following an appeal for by Ireland for an EU-IMF rescue last weekend. But other comments by dos Santos confirmed such underlying pressure existed. The report, in a German newspaper, was "totally false," the prime minister's office in Lisbon told AFP, as financial pressure on Spain, which is heavily exposed to Portugal, also rose again. The interest or yield on Portuguese 10-year debt climbed to a record high level of 7.121 percent on Friday. The 7.0-percent level is seen as an important point and was reached for the first time in the middle of November. The gap between Portuguese and benchmark German bonds rose to a near-record 4.54 percentage points. The government denies there "is any pressure from the ECB or European countries for Portugal to accept aid," the spokesman said here. The German newspaper Financial Times Deutschland had reported, without citing sources, that the European Central Bank and some other eurozone countries were pressing Portugal to accept help, as some countries including Portugal had urged Ireland last week to accept a rescue. The FTD wrote: "The ECB and the majority of euro area countries are pressing Portugal, like Ireland, to apply for help, according to FTD information." The report said that the thinking behind the pressure on Portugal to ask for help was that this would ease rising concern on financial markets that Spain would have to ask for help. In Berlin, a spokesman for the finance ministry told AFP: "This is not at all the position of the ministry." However, Finance Minister Teixeira dos Santos indirectly acknowledged that Portugal had come under pressure from some of its European partners to seek a bailout, in an interview with the newspaper Jornal de Noticias. "Some of our community (EU) partners think that the best way of preserving the stability of the euro is to push and to force the countries, now in the spotlight, towards this help," said dos Santos. Without naming the countries behind the pressure, he said they held that this was "the best way of protecting themselves and of putting a lid on this situation." Describing the eurozone debt crisis as "a situation of contagion and instability," he insisted that the government was determined "to ensure the conditions for Portugal to continue to finance itself on the markets." Portugal had argued that an appeal by Ireland for help from the European Union and International Monetary Fund would relieve the risk of the eurozone debt crisis turning on Portuguese bonds. But throughout the week, the interest rate or yield on Portuguese and Spanish debt has been on an upward trend, signalling rising concern by fund managers about the ability of the two countries to weather the eurozone storm without financial support from the EU and IMF. 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