April 6, 2011
Portugal Prime Minister Jose Socrates said Wednesday the country will seek financial aid from the European Union, becoming the third euro zone member after Greece and Ireland to require a bailout .
The announcement marks an acknowledgment of the rapid deterioration of the country's finances, after Portuguese officials had fiercely resisted pressures to seek external financial assistance.
Speaking to the nation in a televised address, Prime Minister Jose Socrates said the country would formally request assistance from the E.U. "immediately", reversing the government stance after officials had steadily denied for weeks the country needed help.
The European Union will process Portugal's request for a bailout as swiftly as possible, the EU executive said in a statement late Wednesday.
Portuguese Prime Minister Jose Socrates informed European Commission President Jose Manuel Barroso of the intention to ask for the activation of financial support mechanisms, the statement said.
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Ρεπορτάζ στο Βήμα, την Καθημερινή, τα Νέα και τη Ναυτεμπορική
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