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Portugal Discusses Bailout with IMF, EU

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TEHRAN, April 19 (ICANA) – Portugal has begun talks with EU officials and the International Monetary Fund (IMF) on a bailout package worth 80 billion euros (USD 115 billion dollars) for its troubled economy.
Tuesday, April 19, 2011 11:13:25 AM
Portugal Discusses Bailout with IMF, EU

Portuguese Finance Minister Fernando Teixeira dos Santos met Monday with authorities from European Central Bank, the European Commission and the IMF in the country's capital of Lisbon to discuss the overhaul plan, the Financial Times reported.

The fund is likely to push Portugal to make radical economic reforms in return.

Meanwhile, the anti-euro True Finns party made big gains in parliamentary elections on Sunday.

European Union and Portuguese officials hope that the EU finance ministers reach a common ground on the deal in their May 16-17 meeting.

However, European authorities have considered a possible re-schedule of the meeting in case the current bail out negotiations in Lisbon delay a compromise.

On April 6, Portugal's interim government called for a bailout to buttress its weakening economy against a backdrop of soaring debts, becoming the third country in the euro zone to request financial aid.

The EU and the IMF unveiled an economic rescue package worth 750 billion euros (USD 1 trillion) last year in an effort to prevent eurozone's debt-stricken countries such as Greece, Ireland or Portugal from plunging into a total economic collapse.

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