In Portugal, talks are underway over the terms of a bail-out package. Financial aid given to the country is expected to be in the region of 80 billion euros.
Senior officials from Europe and the International Monetary Fund are in the capital, Lisbon, meeting with Portuguese Finance Minister, Fernando Teixeira dos Santo. He has warned bail-out funds need to be approved before June 15, so debt repayments of 4.9 billion euros due on that day can be met.
As the financial crisis took hold, Portugal’s debt came under pressure from high interest rates. After planned austerity measures aimed at reducing government spending were rejected, there was no choice left but to ask for emergency funds.
However, a deal being struck soon is also dependent on outside issues, such as the strength of the True Finn Party in Finland – who oppose the bail-out.