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European Union finance ministers cleared the way for Portugal to receive $111 billion in aid, making it the third euro-area country to fall back on official loans.
The EU’s bailout funds, the European Financial Stability Facility and European Financial Stabilization Mechanism, will each provide one-third of the aid, while the International Monetary Fund will contribute the rest, the EU said in a statement after a unanimous vote Monday in Brussels.
Finance ministers called Portugal’s planned budget cuts “ambitious but credible,” according to the statement. The aid program will run for three years.
