08 Apr '11, 12pm

DTN Singapore: EU tackles Portugal debt bailout: GODOLLO (Hungary) - EU FINANCE ministers thrashed out on Frida...

GODOLLO (Hungary) - EU FINANCE ministers thrashed out on Friday a multi-billion-dollar debt rescue for Portugal, demanding tough conditions as they try to draw a line under a destabilising debt crisis. Portugal's bailout, after Greece and Ireland last year, comes at a crunch time as the European Union faces fraught negotiations on setting up a controversial permanent rescue mechanism for wayward eurozone members. The aim is to set down binding rules for all so as to head off any further bailouts, halting the debt contagion that some believe threatens Spain next. Spain insisted on Friday that Lisbon would be the last euro zone country to need a rescue as Belgian Finance Minister Didier Reynders said 80 to 85 billion euros (S$145 to 154 billion) would be a 'reasonable' assessment of what Portugal needs to put its public finances in order. Portuguese Finance Minister Fernando...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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