euro zone approves aid to 78,000 million euros for Portugal
The eurozone approves aid to 78,000 million euros for Portugal
© AFP / Daniel Roland
23:15 16 / 05/2011
Brussels, May 16,
finance ministers of the euro area, meeting on Monday approved a package assistance to 78,000 million euros for Portugal, said in a statement issued by the European Group.
The European Union plans to grant two thirds of this amount, and the International Monetary Fund (IMF), the remaining third. Portugal asked for help in early April. To receive it, it is necessary that the allocation is also approved by the IMF and the European Central Bank.
is expected that the first stretch of financial aid sent to Portugal in early June, the EU simultaneously and the IMF. The entire amount will be delivered during three years.
Earlier this May, EU, the European Central Bank, the IMF and the authorities of Portugal coordinated a program of economic consolidation. In return for its achievement may receive credit Lisbon. The document assumes that Portugal's budget deficit in 2011 should amount to 5.9% of GDP in 2012, to 4.5% in 2013 to 3%.
According to statistics, in 2010 Portugal's budget deficit was 9.1% instead of 7.3% planned.
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