Portugal's politicians back $115 billion bailout

AP News
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Posted: May 05, 2011 4:21 AM
Portugal's politicians back $115 billion bailout

Portugal's three main political parties have given their blessing to new austerity measures in return for a euro78 billion ($115 billion) bailout.

The parties, which together are forecast to collect around 80 percent of the vote in next month's election, say ailing Portugal has no other choice.

Authorities have said the country won't be able to meet debt repayments due in June.

The International Monetary Fund and Portugal's European partners are putting up the money as they did for Greece and Ireland.

The center-right Social Democratic Party and Popular Party gave their consent to the bailout package late Wednesday. The outgoing Socialist government had already accepted it.