The ECB, IMF & European Commission

Sunday, 10 April 2011 06:02

The ECB, IMF and the European Commission will be meeting this coming week to determine the exact details of Portugal's bailout, Portugal is the third European nation to require a bailout since the global crisis occurred in mid 2009.

Portugal is receiving over 80 billion euros and they will be required to make many concessions to reduce its budget deficit and various other internal reforms. This meeting comes off the back of the ECB decision to increase the eurozone benchmark interest rates which will only put more pressure on these countries that are requiring bailouts.

The initial meeting will occur Tuesday and more meetings will no doubt be scheduled in the coming months.