Portugal set for mid-May bailout

European finance ministers meeting in Hungary today said a rescue package of funds will be made available by mid-May on the condition the country implements an austerity package more far-reaching than the planned round of cuts which forced Jose Socrates' government from power. According to reports, finance ministers are now due to travel to Lisbon next week to thrash out a deal with the final bailout package expected to be announced around 16 May - three weeks before the country's elections on 5 June. This means the austerity programme needed to be implemented as a pre-requisite for a...