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Tags: EU | Europe | Financial | Crisis

EU Ministers OK $110 Billion Portugal Bailout

Monday, 16 May 2011 01:33 PM

European finance ministers have signed off on 78 billion euros ($110 billion) in rescue loans to Portugal to give the debt-ridden country time to overhaul its economy.

In a statement, the ministers say one-third of the package will be financed by other eurozone states, another third will come from a fund backed by the EU budget, with the final 26 billion euros coming from the International Monetary Fund.

The statement also says that the Portuguese authorities agreed to "encourage" private investors to maintain their exposure to the country and not pull out funds.

Officials previously said the average maturity of the rescue loans will be 7 1/2 years and come at an interest rate of around 5.7 percent.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
European finance ministers have signed off on 78 billion euros ($110 billion) in rescue loans to Portugal to give the debt-ridden country time to overhaul its economy.In a statement, the ministers say one-third of the package will be financed by other eurozone states,...
EU,Europe,Financial,Crisis
118
2011-33-16
Monday, 16 May 2011 01:33 PM
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