Portugese PM to address nation

3rd May 2011, Comments 0 comments

Outgoing Portuguese Prime Minister Jose Socrates will address the nation at 1930 GMT, his office said Tuesday, with media reporting he may announce a deal on a bailout package.

Officials from the "troika" of the European Central Bank, European Union and International Monetary Fund are in Lisbon negotiating the terms of a financial rescue package expected to total nearly 80 billion euros ($118 billion).

Portugal was forced to ask for a bailout last month after Socrates' government resigned following a parliament's rejection of a fourth round of austerity measures.

Local media have speculated that the new plan will include a shake-up of labour laws that will facilitate redundancies, shorten the length and the amount of unemployment benefits, as well as boost banks' capital.

© 2011 AFP

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