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EU confirms Portugal's intention to seek bailout

04-07-2011 09:58 BJT

BRUSSELS, April 6 (Xinhua) -- The European Commission confirmed on Wednesday Portugal's intention to request a bailout, pledging to deal with the request as soon as possible.

"The Portuguese Prime Minister, Jose Socrates, today informed the President of the European Commission, Jose Manuel Durao Barroso, of the intention of Portugal to ask for the activation of the financial support mechanisms," the Commission said in a statement released on Wednesday night.

"The President of the European Commission assured that this request will be processed in the swiftest possible manner, according to the rules applicable," the statement said.

Barroso reaffirmed in the three-paragraph statement his confidence in Portugal's capacity to overcome the present difficulties, with the solidarity of its partners.

There has been wide expectation that it's only a matter of time before Portugal asks for a bailout from the European Union after Portuguese Prime Minister Socrates resigned on March 23 following rejection of his austerity plan by the parliament.

Portugal would become the third eurozone country that has to seek financial aid from the EU after Greece and Ireland.

Editor:Yang Jie |Source: Xinhua

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