Portugal has become the third EU member state to accept a bailout – after Ireland and Greece.
The caretaker Prime Minister Jose Socrates has confirmed a 78 billion euro deal has been reached that will run for three years.
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It follows more than two weeks of negotiations with the International Monetary Fund, the European Central Bank and the European Commission.
Eurozone finance ministers are expected to sign off on the agreement at their meeting later this month in Brussels.
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