Portuguese Prime Minister Jose Socrates said on Tuesday that his country will not ask for rescue fund, denying speculations that Portugal will follow the Greek and Irish suit through becoming the third euro area country receiving a bailout package.

He mentioned that budge deficit came better than anticipations at 7.3% of GDP in 2010 while this year the rate should retreat to 4.6% of GDP, confirming that Portugal does not intend to ask for any help and will do all needed measures to avoid such possibility.