Lisbon, Portugal - Minister of Finance of the Portugal, said officials have not yet calculated the interest rate on the the country euro78 billion ($115 billion) rescue or maturity of the loan.
The Minister of Finance Fernando Teixeira dos Santos, said that the three-year financial bailout program provides an economic contraction of 2% this year and next, with growth of return only in 2013.
He says that the sum of rescue is enough to cover the ill Portugal of funding needs in the years to come.
Teixeira dos Santos, said Thursday that the plan focuses on improvement of fragile economic competitiveness of the Portugal as well as significantly reducing expenses to reduce its load heavy debt.
"It is a good program (rescue) and we do not lose the opportunity", said Teixeira dos Santos.
IT IS AN UPDATE OF BREAKING NEWS. Check back soon for more information. Previous AP story is below.
Lisbon, Portugal (AP) - the Portugal the three main political parties have given their blessing of new austerity measures in exchange for a euro78 billion ($115 billion) rescue.
The parties, which together are called to collect about 80 percent of the vote in the elections next month, said that sick Portugal has no other choice.
Authorities have said the country will be unable to meet repayments of debt scheduled for June.
The Fund International Monetary of Portugal European partners make money as they did for the Greece and the Ireland.
The center-right Social Democratic Party and popular party give their consent for the rescue plan late Wednesday. The outgoing Socialist Government had already accepted.
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