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PIGI’S Update: EU and EFSF Provide Terms to Portugal
Although the deal has been announced previously, the terms and conditions for the bailout package for Portugal and Ireland were agreed upon by the Eurogroup and the EU’s Council of Economics and Finance Ministers today.
EU will provide access to €78 billion via the European Financial Stabilisation Mechanism (EFSM) and the European Financial Stability Facility (EFSF) over three years.
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