Portugal asks for Europe bailout | business | Hindustan Times
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Portugal asks for Europe bailout

Lisbon: Portugal's caretaker government gave in to market pressures on Wednesday and joined Greece and Ireland in seeking an emergency bailout. The decision came after the government was forced to pay much higher rates to sell more debt.

business Updated: Apr 07, 2011 22:25 IST

Lisbon: Portugal's caretaker government gave in to market pressures on Wednesday and joined Greece and Ireland in seeking an emergency bailout. The decision came after the government was forced to pay much higher rates to sell more debt.

Portugal's Prime Minister José Sócrates said that he had requested aid from the European Commission after recognising that borrowing costs had become unsustainable. "I say today to the Portuguese that it is in our national interest to take this step."

He did not, however, specify the timing of any bailout.

Portugal will probably need about €75 billion ($106.5 billion) in assistance, according to an estimate by Jean-Claude Juncker, the prime minister of Luxembourg, who presides over meetings of eurozone ministers. Some analysts have suggested that the amount could be €100 billion.

(The New York Times)