Portugese rescue plan reached at staff level, no details yet: EU spokeswoman

14:47, May 05, 2011      

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A European Union spokeswoman said Wednesday that a financial rescue plan for Portugal has been reached "at staff level" but no details were yet available.

Amelia Torres, a spokeswoman for the European Commission, told a daily press briefing that the EC, the International Monetary Fund and the European Central Bank have reached an agreement with Portugal on a comprehensive economic program at staff level and are now engaged in discussions with opposition parties.

Details of the agreement will be disclosed at a press conference in Lisbon but the time has yet to be decided, Torres said.

A final deal will need to be endorsed by the EU finance ministers at their meeting on May 17, Torres said.

Portugese Prime Minister Jose Socrates said Tuesday that his country has reached a three-year bailout package deal with the EU and the IMF.

His office later said Portugal was seeking 78 billion euros (some 116 billion U.S. dollars) in foreign aid under the three-year program.

Source: Xinhua
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