Awwal 25, 1432 / April 29, 2011, SPA -- The International Monetary Fund will negotiate the terms of a financial rescue with Portugal as long as necessary to reach a deal, an IMF spokesman said Thursday. "Negotiations are ongoing and will continue as long as needed," spokesman David Hawley told a news conference at IMF headquarters in Washington. "All parties involved understand the importance of reaching an agreement." Officials from the IMF, the European Union, and the European Central Bank are currently in Lisbon negotiating the terms of a financial rescue package expected to total about $118 billion. Portugal's outgoing Prime Minister Jose Socrates said Thursday the rescue plan should be drafted by mid-May so that it can be presented to euro zone finance ministers on May 16.
