Britain could have to give Portugal £6billion after the debt-stricken country requested an EU bailout last night. The news will anger many British families who are struggling to cope with painful spending cuts and tax rises.
If the amount is confirmed, it would equate to a demand for £250 from every household in the country.
British taxpayers have already stumped up £7billion to support Ireland.
Portugal’s finance minister said it was being driven to seek emergency aid after borrowing costs hit a record high.
The government acknowledged the failure to implement an austerity package had caused ‘irreparable damage’ to the nation’s finances.
In a televised address last night, prime minister Jose Socrates said the request for aid had become ‘inevitable’, adding: ‘The government decided today to ask the European Commission for financial help.’
‘I always said asking for foreign aid would be the final way to go but we have reached the moment. Above all, it’s in the national interest.
‘I tried everything, but in conscience we have reached a moment when not taking this decision would imply risks that the country should not take.’ Read More
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