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Friday, April 08, 2011

Portugal Asks For Help

Portugal has finally succumbed to pressure and, late on Thursday, asked the EU for an Euro 80BN bailout.

The European Union is to negotiate the terms with Portugal, once they have decided the scope at a two-day summit in Budapest.

The problem is that Portugal's caretaker government is unlikely to be able to pass the austerity measures that will be the conditions of the bailout.

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