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Portugal bailout talks to commence today

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by Kay Mitchell
’Portugal

Officials from the European Commission, the European Central Bank and the International Monetary Fund (IMF) are to meet in Lisbon today to discuss the terms of Portugal’s bailout.

The bailout represents the third in the euro zone after Greece and Ireland, and will be finalised by mid-May.

The €80 billion (£70 billion) rescue package comes after Portuguese borrowing costs soared and the country came under immense pressure to seek financial help.

Portugal’s problems do not end there, last week the IMF forecast economic growth would contract this year and in 2012.

The IMF also said that Portugal would have to introduce more public spending cuts and tax hikes in order to reduce its public deficit.

Its deficit stood at 8.6% at the end of 2010 – way above the 7.3% target.

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News posted: April 18, 2011

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