78-billion-euro EU-IMF Portugal bailout sealed

BRUSSELS: European finance ministers on Monday backed an EU-IMF bailout of Portugal amounting to 78 billion euros ($110 billion).

"Ministers unanimously agreed today to grant financial assistance in response to the Portuguese request," said a statement by ministers from the 17-nation eurozone and the remaining 10 European Union states that partly underwrite the emergency financial assistance.

The decision was made during EU talks otherwise focused on measures to ease the terms of Greece's repayment burden.

The package of loans to Portugal, granted in exchange for radical reforms of the economy including a wave of proivatisations and austerity budget cuts, was made possible when Finnish lawmakers negotoiating a new coalition government in Helsinki overcame resistance from an anti-bailout, eurosceptic party that flourished in elections there.