Portugal to seek financial help from EU & IMF

Eurogroup, of euro zone finance ministers put up pressure on Portugal from Germany, France and other eurozone countries to seek financial help from the EU and IMF to stop the bloc’s debt crisis from spreading,Finland and the Netherlands had expressed similar views. a senior eurozone source said on Sunday:

Earlier on Sunday, a Portuguese government spokesman denied a German magazine report that Lisbon was under pressure from Berlin and Paris to seek a bailout from the European Union and International Monetary Fund.Portuguese newspaper Publico joined the ranks of those who think a bailout is inevitable on Sunday.Lisbon repeatedly denied its facing pressure for a bailout in recent months there have been frequent reports that such help may become necessary.Portugal could need between 60 and 80-billion excluding banking sector need:

Fiscal assistance for Lisbon would aim to protect Spain away be next in line, but whose financing needs would stretch current euro zone aid capabilities to the limit.
“The real battle will be the battle of Spain there much higher chances of success,” the source said.