Portugal receiving additional portion of its €78B international bailout following foreign inspectors' report that country is making progress toward financial health
September 13, 2011
– Portugal is getting another portion of its promised euro78 billion ($107 billion) international bailout after foreign inspectors decided it is making progress on restoring its financial health.
Portugal asked for a rescue earlier this year as it slid towards bankruptcy and stoked investor fears about the wider eurozone's fiscal problems.
Its European partners and the International Monetary Fund agreed to lend it money on condition it met a strict timetable of measures, including austerity packages and economic reforms, through 2013.
The IMF says Portugal will receive almost euro4 billion in the latest disbursement, bringing the total to more than euro10 billion so far.
The IMF said in a statement late Monday that "good progress has been achieved on policy implementation."
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