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The Vasco de Gama bridge near Lisbon: Socrates has won a more lenient schedule for deficit reduction (Photo: F H Mira)

Lisbon, troika agree details of €78bn bail-out

Portugal's caretaker administration has reached an agreement with the troika of the European Commission, the European Central Bank (ECB) and the International Monetary Fund for a three-year €78 billion bail-out.

Prime Minister Jose Socrates made the announcement via televised address after three weeks of negotiations with officials from the international lenders.

In return for the loan, Lisbon has had to agree to austerity measures similar to those rejected by parliament last mont...

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The Vasco de Gama bridge near Lisbon: Socrates has won a more lenient schedule for deficit reduction (Photo: F H Mira)

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