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Showing posts with label EU. Show all posts
Showing posts with label EU. Show all posts

Portugal finally asks EU for bailout

Portugal on Wednesday said it had finally decided to request financial assistance from the European Union, paving the way for a third bailout of a eurozone country after Ireland and Greece.

Analysts have said that Portugal could require a package worth 70 billion euros (100 billion dollars), compared with 85 billion for Ireland and 110 billion for Greece.

The pressures on Portugal had raised doubts about weaker eurozone members, including neighbour Spain.

Having resisted pressure from the markets as well as European partners for months, outgoing Prime Minister Jose Socrates in a televised address said the request was needed after parliament rejected his new austerity programme which, he said

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