Global General

EU approves bailout for Portugal

(Xinhua)
Updated: 2011-05-17 07:30

BRUSSELS - The Eurozone countries has approved a multi-billion-euro bailout for Portugal at the monthly meeting of their finance ministers here on Monday, diplomatic sources said.

The joint bailout package, also with contribution from the International Monetary Fund (IMF), would amount to 78 billion euros (110 billion US dollars).

Portugal was the third victim of the sovereign debt crisis plaguing the single currency bloc for more than one year. It followed Greece and Ireland in asking for financial support from the EU and the IMF in April.

After weeks of negotiations, the caretaker government of Portuguese Prime Minister Jose Socrates clinched a broad agreement on the bailout package with international lenders on May 5.