EU raises 4.75 billion euros for Portugal

25th May 2011, Comments 0 comments

The European Union raised 4.75 billion euros ($6.7 billion) for Portugal on Wednesday in a new bond issue as part of a 78-billion-euro bailout for Lisbon.

The funds will be delivered to Portugal on June 1, the European Commission said, one day after a first bond issue raised 1.75 billion euros for Lisbon and another 3.0 billion euros for Ireland, another bailed out eurozone nation.

The loans, coupled with IMF aid, will "provide a comfortable liquidity situation in those member states in line with the country programme objectives," the EU's excutive arm said in a statement.

© 2011 AFP

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