Portugal has been wracked with severe debt issues for a number of months in the aftermath of the worldwide economic slump and the country's administration has been involved in negotiations regarding such a package in recent times.
It has now been revealed that talks with the European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB) have come to a conclusion, with the ECB's governing council welcoming this news.
According to officials at the ECB, the scheme arranged "contains the necessary elements to bring about a sustainable stabilisation of the Portuguese economy" as it "addresses in a decisive manner the economic and financial causes underlying current market concerns".
Recently, the IMF explained that Portugal faces a further period of recession for the next two years as such bailouts take effect.
By Tony Aynsley