Friday, February 10, 2012

Summary Box: Portugal wins German bailout support (AP)

SHOW OF SUPPORT: German Finance Minister Wolfgang Schaeuble told his Portuguese counterpart that Berlin is ready to support possible changes to Portugal's bailout program.

BITTER PILL: Portugal's promises to introduce tax hikes, pay cuts and other debt-reduction measures in return for the euro78 billion ($103 billion) rescue package have been widely blamed for the country's deepening recession and record unemployment.

BREATHING ROOM: The government has said it wants more flexible bailout terms, which it hasn't identified, though it insists Portugal doesn't need more money or time to restore its fiscal health.

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/ap/20120210/ap_on_bi_ge/eu_portugal_financial_crisis_summary_box

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