13 Apr '11, 6pm

EU urges Portugal to cooperate for bailout

BRUSSELS: Portuguese politicians need to quit electioneering and agree radical changes to the country's economy in exchange for an international bailout, top EU figures said Wednesday. With talks underway in Lisbon on the debt rescue, European Commission head Jose Manuel Barroso said he hoped party leaders "will assume their responsibilities" to the public finances and their European Union partners. Portugal goes to early polls on June 5 after the government fell last month when parliament rejected its latest austerity plan, forcing Lisbon to bow to market pressure and seek an EU-IMF bailout. Luxembourg Prime Minister Jean-Claude Juncker, who chairs the Eurgroup of finance ministers from the 17 nations that share the euro currency, warned the rival parties to concentrate on what needs to be done to win EU and International Monetary Fund approval. "The national honour of Po...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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