Possible graveness measures in Portugal's bailout deal

LISBON: Officials from the European Union and International Monetary Fund are holding talks with the Portuguese government on a financial bailout that is expected to be completed by mid-May and total around 80 billion euros.

Portugal will have to commit to implementing painful austerity measures, as Greece and Ireland have done after receiving bailouts last year.

European Union finance ministers have identified three pillars for the programme fiscal adjustment, competitiveness and solvency of the financial sector.

They have said the programme should include an ambitious privatisation plan.

The starting point for the deal will be austerity measures presented by Prime Minister Jose Socrates in March.