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15.04.2011
The EU and the IMF will provide assistance to Portugal
The EU and the IMF will provide assistance to Portugal

Portugal has begun negotiations with the EU and the IMF for assistance. The level of assistance could reach 80 billion euros. In return for this Lisbon will have to make significant budget cuts. Trying to make it cost the authority of government, Jose Socrates, the new plan of the Portuguese parties must agree before the elections scheduled for June 5.

 According to Finance Minister Fernando Teixeira Dos Santos, the country hopes to complete the program until the mid of May.

At the same time next week, Lisbon has to pay 4 billion euros in debt service, as well as 5 billion euros in June. The previous government promised to reduce it to 4,6% this year. New, may have to act even tougher, according to ru.euronews.net.

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