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Portugal agrees terms of $78bn bail-out
Business digest: Targets less strict than anticipated, Socrates calls loan a ‘good agreement’
Portugal has agreed on the terms of a $78bn bail-out from the EU and the International Monetary Fund, with interest rates on the loan to be set later in the month.
The targets for deficit reductions are more lenient than previously thought: 5.9 per cent of gross domestic product this year, 4.5 per cent in 2012, and 3 per cent in 2013.
The country's caretaker prime minister, Jose Socrates, said that it was a "good agreement".
His government collapsed last month after an impasse was reached over budget cuts. A snap election has been called for June 5, the winner of which will be tasked with upholding the terms of the bail-out.
Read a full report at the Daily Telegraph. ·
