Summary Box: Portugal wins German bailout support

AP News

2/10/2012 11:27:44 AM - AP News

SHOW OF SUPPORT: German Finance Minister Wolfgang Schaeuble told his Portuguese counterpart that Berlin is ready to support possible changes to Portugal's bailout program.

BITTER PILL: Portugal's promises to introduce tax hikes, pay cuts and other debt-reduction measures in return for the euro78 billion ($103 billion) rescue package have been widely blamed for the country's deepening recession and record unemployment.

BREATHING ROOM: The government has said it wants more flexible bailout terms, which it hasn't identified, though it insists Portugal doesn't need more money or time to restore its fiscal health.