US$114b Bailout Estimate For Portugal
Source: Agencies |
April 9, 2011, Saturday
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Print Edition
Print Edition
EUROPE'S top financial officials yesterday said that debt-ridden Portugal will need about 80 billion euros (US$114 billion) in rescue loans and that negotiations over a full, multi-year bailout program will begin immediately.
A deal should be in place by mid-May, allowing the country to meet huge bond repayments in June, the EU's Monetary Affairs Commissioner Olli Rehn said. Rehn said the 80-billion-euro loan was based on "very, very preliminary estimates" and that nailing down a final amount will require several "weeks of empirical work."
Portugal this week became the third country in the eurozone to request international help, following Ireland and Greece. The country's political situation - where a caretaker government is in charge until elections in early June - makes reaching a final deal more difficult.
A deal should be in place by mid-May, allowing the country to meet huge bond repayments in June, the EU's Monetary Affairs Commissioner Olli Rehn said. Rehn said the 80-billion-euro loan was based on "very, very preliminary estimates" and that nailing down a final amount will require several "weeks of empirical work."
Portugal this week became the third country in the eurozone to request international help, following Ireland and Greece. The country's political situation - where a caretaker government is in charge until elections in early June - makes reaching a final deal more difficult.
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