BRUSSELS - Portuguese Prime Minister Jose
Socrates will shortly announce his country's request for
financial aid from the European Union, a senior EU source said
on Wednesday just before Socrates was to appear on television.
Portugal for months has resisted applying for an EU/IMF
bailout, saying it could manage on its own, but its borrowing
costs reached unsustainable levels after the collapse of the
government last month.
"Things have moved quite quickly in the last days, though
not automatically," the senior EU source said.