LISBON, Portugal — Portugal’s finance minister says his country needs a bailout because of its high debts and difficulty raising money on international markets.
Fernando Teixeira dos Santos said in written comments Wednesday to daily Jornal de Negocios that “I believe it is necessary to resort to the financing mechanisms available in Europe.”
Portugal would become the third financially troubled eurozone country after Greece and Ireland to accept assistance from Europe’s bailout fund and the International Monetary Fund.
The move had long been expected as Portugal, one of the 17-nation eurozone’s smallest and weakest economies, struggled to finance its economy.
Portugal’s prime minister was due to make a televised statement at 8 p.m. (1900 GMT, 3 p.m. EDT).