An EU/IMF bailout for Portugal will reach 78 billion euros ($116 billion) for three years, an official source close to the negotiations told Reuters on Tuesday.

Caretaker Prime Minister Jose Socrates said the government agreed on a memorandum of understanding with the European Commission, European Central Bank and International Monetary Fund, but did not provdie the amount of the rescue loans. The deal has to be endorsed by the main opposition parties.

(Reporting by Sergio Goncalves)