Portugal seeks EU financial bailout

The Portuguese caretaker prime minister announced on Wednesday his country will request international assistance to ease its rapidly worsening financial crisis. Portugal is the latest country to ask for aid from Europe's bailout reserve and the International Monetary Fund following on the heals of Greece and Ireland.

Speaking in a televised address yesterday the Prime Minister Jose Socrates said the request was made in the country’s national interest.

Analysts expect Portugal will need up to 80 billion euro and European Commission President Jose Manuel Barroso, a former Portuguese prime minister, said in a statement the application "will be processed in the swiftest possible manner."

The request for a bailout has come as no surprise.

Portugal is one of the eurozone’s smallest and weakest economies and has struggled for months to finance its economy.
This announcement by Portugal came after a meeting of European Finance Ministers had already been scheduled to take place in Hungary later today.
It’s now expected that the country’s request for aid will top the agenda at the informal talks .
Listen to Sean Patrick Lovett's report here.