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Portugal begins EU-IMF bailout review

Published on 22/05/2012

Portugal began on Tuesday a new review of its 78-billion-euro bailout programme with the IMF and EU, with a minister saying no changes were planned despite rising tensions around Greece.

“It will be about putting into action all of the programme, principally the structural reforms,” said Economy Minister Alvaro Santos Pereira.

He said carrying out the reforms would “allow us recover the credibility we lost” in the markets.

The talks between Portuguese officials and the international creditors are expected to last two weeks and are key for Portugal getting the next four billion euros out of its bailout, worth $100 billion overall.

Portugal has already received nearly 53 billion euros, or 70 percent of the total 78 billion it was promised as part of the rescue package agreed last year.