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Portugal can reasonably be expected to need around 80-85 billion euros to help overcome its debt crisis, Belgium’s finance minister said Friday as the EU met to discuss a bailout request.
“You are in the right range,” Didier Reynders said in reply to a question about the size of the bailout as he arrived for EU talks here some 30 kilometres (20 miles) north of Budapest.
The head of the eurozone group of finance ministers, Luxemburg’s Jean-Claude Juncker, last month estimated a Portugal rescue package would come to about 75 billion euros ($106 billion).
“Jean-Claude Juncker has already given an estimate,” Reynders said.
“Now, we will above all work out with the European Commission how much is needed and what measures Portugal can take to strengthen its budget position.
“We have to see now how we can move along, with a set of conditions that will be very tough,” he added.