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Tuesday, May 03, 2011

Portugal Bailout Agreement: €78 Billion

by Calculated Risk on 5/03/2011 10:08:00 PM

Earlier today from Bloomberg: Portugal Agrees on Aid Plan With Wider Deficit Targets

Portugal reached an agreement with officials preparing its European Union-led bailout that will provide as much as 78 billion euros ($116 billion) in aid and allow more time to reduce the country’s budget deficit.

The three-year plan set goals for a budget deficit of 5.9 percent of gross domestic product this year, 4.5 percent in 2012 and 3 percent in 2013, Prime Minister Jose Socrates said in Lisbon today.
The yield on Portugal's ten year bonds decreased slightly to 9.6% today and the two year yield declined slightly to 11.8%.

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