Portugal set to get €80bn bailout

THE Portuguese are to get a bailout in the region of €80 billion in exchange for implementing the austerity measures that brought down their government — plus additional cut backs.

EU finance ministers agreed to the bailout at a meeting in Budapest yesterday, saying the full three-year programme should be agreed by mid May — before the elections take place.

The interest rate will be similar to that currently being paid by Ireland which is due to be reduced by 100 basis points at the end of June, but the exact rate for Portugal will depend on the length of the loan.