Portugal reaches deal on EU-IMF bailout: PM

4th May 2011, Comments 0 comments

Portugal has reached a "good agreement" on a three-year bailout package from the EU and IMF, outgoing Prime Minister Jose Socrates said Tuesday.

Socrates said the plan called for a loosening of the deficit reduction targets for Portugal, whose economy is expected to shrink this year as it implements austerity measures.

© 2011 AFP

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