EU, IMF, ECB meet in Lisbon next week for bailout aid

By @ibtimes on

Officials from the European Commission, the European Central Bank and the International Monetary Fund will discuss the technical details of Portugal's bailout aid next week, the European Commission said on Sunday.

Portugal, which had resisted a bailout for months, asked the EU and IMF for financial aid earlier this week, the third euro zone country to do so.

Experts from the three institutions will meet civil servants from the Portuguese authorities on Tuesday. It will just be a technical meeting, EU Commission spokesman Cezary Lewanowicz said.

A political meeting of EU Commission representatives with different Portuguese political parties will take place the week after, he said.

EU finance ministers have said that Lisbon would need to carry out further structural reforms to reduce its budget deficit and debt in return for an estimated 80 billion euros in emergency loans over three years.

(Reporting by Foo Yun Chee; Editing by Jon Loades-Carter)

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