View more on these topics

Portugal asks for EU bail-out

Portugal has become the third country to approach the European Union for financial help.

The plea follows similar moves from both Greece and the Irish Republic in calling for EU assistance.

Portugal’s outgoing Prime Minister Jose Socrates has not said how much aid Portugal would ask for but the BBC estimates it could be as much as £70bn. The Telegraph reports the UK could be asked to contribute up to £4.4bn towards the bail-out.

In a television address yesterday, Socrates said: “The government decided today to ask the European Commission for financial help.”

Socrates admission that the country needed EU help was preceded by an announcement by finance minister Fernando Teixeira dos Santos. Dos Santos told a Portuguese business newspaper earlier on Wednesday that it would be “necessary to resort to the financing mechanisms available in the European Union.”

Portugal’s cost of borrowing has risen sharply since its government resigned last month after its proposed austerity measures were defeated in parliament.

Ratings agencies have since downgraded the country’s debt.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Why is it that we as a Country are losing benefits “left, right & centre” plenty of cut backs but yet again having to help other countries e.g Ireland, Egypt and now Portugal excluding Japan as they need everyones help.

    Question is would they help us my guess would be NOT.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com