Go Finance Reporting in Lisbon - The Portuguese government eventually formally accept bailout funds (bailout) of the European Union and the International Monetary Fund (IMF) worth 78 billion euros (USD116 billion), equivalent to Rp997 trillion.
The agreement was submitted directly by former Prime Minister (PM), Portugal Jose Socrates who is now the acting Prime Minister before the next general election June 5. According to Socrates, the bailout received a term of three years is a very good deal for Portugal.
Before the deal, officials from the European Commission European Central Bank (ECB) and the IMF has conducted hearings with Portugal for three weeks. In their official statement on television, Socrates says that the eurozone member countries would provide more time to achieve the budget deficit target as expected.
This year, Portugal trimmed the deficit target to 5.9 percent of Gross Domestic Product (GDP), and 4.5 percent in 2012. As for the next two years Portugal ambition to reduce the deficit to three per cent within the limits established by the European Union.
"I want to announce to the people of Portugal that the government has reached an agreement with representatives of international agencies in the financial aid program for this country," says Socrates in Lisbon, quoted by AFP on Wednesday (05/04/2011).
Socrates himself had resigned from his post as prime minister of Portugal in March after spending savings program which parliament rejected filing. But he is still believed to be acting before the general election next month. (GoFinance)
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