February 17, 2011 / 5:47 PM / in 7 years

Portugal seen taking bailout by April -euro zone source

BRUSSELS, Feb 17 (Reuters) - European Union member states are increasingly concerned about Portugal’s ability to fund itself in financial markets and believe Lisbon will have to seek a bailout by April, a euro zone source said on Thursday.

The EU has a rescue plan ready for Portugal, but it is dependent on Lisbon asking for the aid and making that request to both the EU and the International Monetary Fund. Portugal remains adamantly opposed to asking for assistance.

“Portugal is drowning. It’s not going to be able to hold on beyond the end of March,” the euro zone source said. “That’s already understood to be the case in financial markets, but now it’s also understood among (EU) finance ministers.”

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