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Portuguese opposition pledges to support bailout

Portugal’s key centre-right opposition party pledged Thursday to support the 78-billion-euro ($116 billion) bailout package agreed with the EU and the IMF, its president said.

Social Democratic Party leader Pedro Passos Coelho vowed his “total commitment with the objectives” of the programme that will span three years, he told local news agency Lusa.

The bailout agreement was negotiated by the outgoing Socialist government, but the country is to hold early elections on June 5 and the country needs assistance in order to repay debts on June 15 and avoid default.