{"id":381106,"date":"2011-04-18T10:42:57","date_gmt":"2011-04-18T10:42:57","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/18\/portugal-begins-bail-out-talks\/"},"modified":"2011-04-18T10:42:57","modified_gmt":"2011-04-18T10:42:57","slug":"portugal-begins-bail-out-talks","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/18\/portugal-begins-bail-out-talks\/","title":{"rendered":"Portugal begins bail-out talks"},"content":{"rendered":"

18 April 2011<\/span> Last updated at<\/span> 06:42 ET<\/span><\/span><\/p>\n

Portugal has begun talks with officials from Europe and the International Monetary Fund about the terms of its bail-out.<\/p>\n

Senior officials are meeting Portuguese Finance Minister Fernando Teixeira dos Santos after a fact-finding mission last week.<\/p>\n

The total size of the bail-out is expected to be as much as 80bn euros ($115bn; \u00a370bn).<\/p>\n

Officials have suggested aid will be agreed by the middle of May.<\/p>\n

Portugal is set to become the third member of the euro to be bailed out, after Greece and the Irish Republic.<\/p>\n

While the main opposition party is backing the caretaker government’s bail-out bid, many Portuguese are vocal in their opposition, the BBC’s Alison Roberts reports.<\/p>\n

The government of Jose Socrates collapsed – prompting the bail-out – because he could not get an ambitious austerity and privatisation package passed.<\/p>\n

Some economists see the IMF taking a softer line on the interest rate and duration of the loan than EU officials, who are under pressure from voters in member states that are putting up the money.<\/p>\n

Last week, the IMF forecast that Portugal’s GDP would shrink this year and next.<\/p>\n

Ongoing turmoil<\/strong><\/p>\n

Support for the bail-out from Germany, the largest economy in Europe, is crucial.<\/p>\n

Continue reading the main story<\/a> <\/p>\n

\u201cStart Quote<\/span><\/h2>\n
\n

Finland’s parliament has the right to vote on EU requests to bail-out other countries. Potentially the strong showing of the True Finns could delay the rescue plan for Portugal. \u201d<\/p>\n<\/blockquote>\n

End Quote<\/span><\/p>\n<\/div>\n

Two Germans are leading the EU delegations – Juergen Kroeger for the European Commission and Rasmus Rueffer for the European Central Bank – while the IMF team is led by a Dane, Poul Thomsen.<\/p>\n

Meanwhile, Spain had to pay sharply higher interest rates to borrow money for 12 months at an auction on Monday.<\/p>\n

The heavily-indebted state, which has often been talked about as the next state that could face a sovereign debt crisis, paid a rate of 2.77%, up from 2.13% last month.<\/p>\n

In Greece, there were protests in Thessaloniki over the weekend as people protested against the austerity measures that were agreed after the country’s bail-out last year.<\/p>\n

Greece received 110bn euros in May last year, while the Irish Republic received a bail-out of about 85bn euros in November.<\/p>\n<\/div>\n

See original here:
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