Shares in Portugal rally after EU bailout announcement

Shares in Portuguese banks have rallied this morning on the back of the announcement that the country's to seek an EU bailout.

It is expected that the country will have to agree to tough austerity measures, like Ireland, to obtain the funds, which is expected to be between €60bn and €80bn, with the IMF also expected to be involved.

European Finance Ministers are expected to discuss the situation as well as its impact on the wider situation in the Eurozone at a meeting in Hungary.