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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Eating less salt doesn't cut heart risks: study 03 May 2011 Bush declines Obama's invitation to "Ground Zero" 12:10am EDT U.S. says bin Laden photo "gruesome," weighs release 03 May 2011 Bin Laden not armed during assault: White House | 03 May 2011 Aerosmith's Steven Tyler rips "Celebrity Rehab" 03 May 2011 Discussed 167 Obama to make statement late Sunday, White House says 107 Donald Trump calls U.S. leaders ”stupid” 106 White House releases longer Obama birth certificate Watched Video of bin Laden compound fire Mon, May 2 2011 Fire ants form rafts to defy floods Tue, Apr 26 2011 Bin Laden unarmed when killed - White House Tue, May 3 2011 Portugal bailout agreed but political support needed Tweet Share this LISBON (Reuters) - Portugal reached a deal with the European Union and the IMF Tuesday on a 78 billion euro 3-year bailout, the third euro zone member to do so after Greece and Ireland, caretaker Prime Minister Jose Socrates said. The deal will need... Email Print Related News Instant view: Portugal agrees to terms of EU, IMF bailout loan 3:32am EDT Portugal aid includes up to 12 billion euros for banks 3:32am EDT Analysis & Opinion Five ways to correct the Greek debt crisis Will Europe socialize Greek losses? Related Topics World » Greece » Ireland » Portugal » People enjoy the view along the Douro river in Porto April 8, 2011. Credit: Reuters/Jose Manuel Ribeiro LISBON | Wed May 4, 2011 3:32am EDT LISBON (Reuters) - Portugal reached a deal with the European Union and the IMF Tuesday on a 78 billion euro 3-year bailout, the third euro zone member to do so after Greece and Ireland, caretaker Prime Minister Jose Socrates said. The deal will need broad cross-party support because the collapse of Socrates' government last month -- pushing up borrowing rates and forcing Lisbon to seek a bailout -- means the winner of a June 5 snap general election will implement it. Opposition Social Democrat leader Pedro Passos Coelho said he was ready to meet the lenders. Any of the bailout terms that need parliamentary approval will have to be passed after the election. "The government has obtained a good deal. This is a deal that defends Portugal," said Socrates, who had resisted asking for a bailout for months. The terms would be less onerous than those set for Greece and Ireland, he added. He said the deadline for meeting budget deficit goals will be extended, with this year's target raised to 5.9 percent of gross domestic product from 4.6 percent previously. The deficit must be cut to 4.5 percent of GDP in 2012 and 3 percent in 2013. In a reminder of the challenges Portugal faces in selling debt, it will hold a treasury bill auction Wednesday to issue up to 1 billion euros of 3-month bills. "We don't expect a buyers' strike at this T-bill auction, which should target the same risk-tolerant investors who bought T-bills last month, already after the bailout request," said David Schnautz, a debt strategist at Commerzbank in London. The interest rate on Portugal's bailout loan is expected to be set at a meeting of eurozone finance ministers in mid-May. Portuguese agreement to the loan terms is needed by June 15, when Lisbon needs to redeem 4.9 billion euros of bonds. "We have said from the beginning that it is important that any program should have broad cross-party support and will continue our engagement with the opposition parties to establish that this is the case," European Commission spokesman Amadeu Altafaj said in a statement. Officials from the European Commission, the International Monetary Fund and the European Central Bank have been in Lisbon for almost a month to hammer out the agreement. The general election campaign that will now get under way is likely to focus on who is to blame for the country's economic crisis. (Reporting by Axel Bugge, editing by Tim Pearce) World Greece Ireland Portugal Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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