May 16, 2011
European finance ministers endorsed a 78 billion-euro ($110.8 billion) bailout for Portugal as they stepped up pressure on Greece to do more to win improved aid terms.
Portugal followed Greece and Ireland in seeking emergency loans from the European Union and International Monetary Fund, bringing to 256 billion euros the aid provided to stamp out the sovereign debt crisis.
The backing for Portugal came during deliberations in Brussels today clouded by the absence of International Monetary Fund Managing Director Dominique Strauss-Kahn. Europe’s rich countries tied extra money for Greece to pledges that it reap more revenue at home and weighed whether to make bondholders share the pain.
“Greece also has a huge privatization potential and the Greeks should help themselves before calling for more money,” Austrian Finance Minister Maria Fekter told reporters before a euro crisis meeting in Brussels today.
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