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Caretaker PM Jose Socrates ( pictured L) is calling a 3-year $116 bn usd/78 bn euro bail-out a "good agreement that defends Portugal".
More details remain to be negotiated...including the all important interest rate.
Portugal's deficit must be cut to 5.9% of GDP this year, 4.5% in 2012 and 3% in 2013...somewhat laxer targets than before.
SOME of the austerity measures required include: a freeze on public sector wages and limits to job promotions, increases in the sales tax on cars and tobacco, privatization of national energy companies and sale of TAP Air Portugal, and the reducing generous state pensions and the freezing others.
The measures must still be voted on by its congress.
TO SEE: Euronews 1:28 English language Report:
http://www.youtube.com/watch?v=4qKfY7Jm7mI&feature=player_embedded#at=71
