Portugal's prime minister has said his country will ask for a bailout due to its high debts and difficulty raising money on international markets.
Prime Minister Jose Socrates said "the government decided today to ask the European Commission for financial help".
Portugal becomes the third financially troubled eurozone country after Greece and Ireland to request assistance from Europe's bailout fund and the IMF.
Analysts expect Portugal will need up to €80bn. A bailout had long been expected as Portugal, one of the 17-nation eurozone's smallest and weakest economies, struggled to finance its economy.
Prime Minister Jose Socrates said "the government decided today to ask the European Commission for financial help".
Portugal becomes the third financially troubled eurozone country after Greece and Ireland to request assistance from Europe's bailout fund and the IMF.
Analysts expect Portugal will need up to €80bn. A bailout had long been expected as Portugal, one of the 17-nation eurozone's smallest and weakest economies, struggled to finance its economy.
Portugal seeks EU bailout due to debt crisis | World news | The Guardian
While not a threat to the economic recovery of Europe as a whole due simply being a rather small economy this step has been unavioudable for quite some time and should have been taken sooner. What comes now will certainly not be easier for Portugal due the delay.
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