Portugal decides to seek EU bailout

PORTUGAL’S caretaker government said it had decided to seek financing from the European Union in an abrupt turnaround after resisting a bailout for months despite sharply deteriorating financial conditions.

The nation of 10.5 million became the third member of the eurozone to seek a rescue after Greece and Ireland.

Prime Minister Jose Socrates said parliament’s rejection of additional austerity measures last month had aggravated the financial situation, ultimately making the request for aid “inevitable”.