José Sócrates, Portugal’s outgoing prime minister, has asked the European Union for financial assistance, paving the way for the third bail-out of a eurozone country after Greece and Ireland.
“The government decided today to ask the European Commission for financial help,” Mr Sócrates said in a brief television address on Wednesday night.
The request was welcomed by EU officials. “It is a responsible move by the Portuguese government,” Olli Rehn, the EU’s top economic official, told the Financial Times.
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