Pressure grows for Portugal to seek financial support from EU.

Portugal is under increasing pressure to ask for financial help from the EU and International Monetary Fund according to a senior euro zone source.

According to Reuters, a senior source acknowledged on Sunday that preliminary discussions regarding a possible Portugal EU bail-out had been taking place since July.

In addition, the source suggested that the pressure on Portugal to accept financial aid is mounting and that the time has come for the Portuguese to accept help.

“France and Germany have indicated in the context of the Eurogroup that Portugal should apply for help sooner rather than later,” the senior source said, confirming that the Netherlands and Finland also shared a similar opinion.

In the weekend newspapers, the Portuguese press also seemed to be accepting the inevitable with an editorial report in ‘Publico’ claiming, “Only a miracle will save us from the IMF.”

However, a Portuguese government spokesperson has denied that Lisbon is being put under pressure to seek IMF and EU financial assistance by Paris and Berlin.

It is hoped by policymakers that bailing out Portugal would curb the EU debt crisis and prevent further financial mayhem in the Eurozone.

Both Greece and Ireland were forced to accept EU funding last year, despite both countries initially denying the extent of their debt.

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