Brussels (AFP) - European Monday Finance Ministers, supported by EU and the three-year IMF rescue 78 billion euros for the Portugal provided that Lisbon embarks on a major raft of compromise of public sale.
The Ministers agreed unanimously rescue Portugal, said a statement, making it the third country in the euro area within a year to receive a billion dollars-euro bailout after the Greece and the Ireland.
Lisbon emergency loan are "justified to preserve financial stability, in the euro area and EU as a whole" said the statement by the Ministers of the 17-nation euro zone and the Union of 10 other States that agree in part of the emergency financial assistance.
The decision on the Portugal was made two days the talks otherwise focused on measures to facilitate the return of the Greece load conditions.
Portugal, under the pressure of the markets for months, finally requested a rescue plan in April after the minority Socialist Government and the opposition of right does not have to agree on a new round of budget cuts. The country has early June 5 General elections.
A key deadline looms also on 15 June, when the Portugal has to redeem the debt of EUR 5.0 billion, or face default.
Under conditions agreed earlier in the month, EU Member States will provide two-thirds of the loans while the Monetary Fund International will take care of third parties.
The three-year agreement requires the Portugal launch "ambitious privatisation programme," restructuring and the capital in support of its banks and to reform its health system and public administration.
The Portuguese Government forecasts see public, from 5.9% deficit this year to the ceiling of the eurozone by 3.0% in 2013.
All of the loans was made possible when the Finnish legislators negotiate a new Government coalition in Helsinki has overcome the resistance of an anti-bailout, Eurosceptic party which bloomed in the elections.
Taking into account a key Finnish condition for the rescue plan, the EU Ministers said in the statement that Lisbon should "encourage private investors to maintain their overall exposure on a voluntary basis".
This means that banks and other buyers would not withdraw their money from countries.
Finns wanted that European Governments contributing to the rescue plan to have their investments classified as priority higher than those of private Portuguese debt buyers.
The EU Ministers, said the rescue program is "" the two ambitious and delivered frontloaded,."" while safeguarding the most vulnerable groups in society
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