Money | Portugal Portugal Reaches Bailout Deal Will be worth about $116 billion over three years By Kate Seamons Posted May 4, 2011 3:33 AM CDT Updated May 4, 2011 5:54 AM CDT Copied People in a restaurant watch Portuguese interim Prime Minister Jose Socrates, left on screen, with Finance Minister Fernando Teixeira dos Santos, as they address the country. (AP Photo/ Francisco Seco) Portugal pleaded for a bailout, and now it's got one. The hard-up nation has negotiated a bailout from the EU and IMF worth about $116 billion. The three-year loan is a "good agreement that defends Portugal," according to caretaker PM Jose Socrates, who added that Portugal would receive an extra year—until 2013—to cut its government deficit below the EU's 3% ceiling. But the AP notes that the extension was necessary after the country disclosed a much larger than expected budget shortfall for last year. Portugal is the third member of the 17-nation eurozone, after Greece and Ireland, to take a bailout. One of western Europe's poorest countries, Portugal has said it will run out of money next month. Click for more on the country's money woes. Read These Next Beyonce leaves national anthem unfinished. A space capsule carrying ashes of 160 people crashed in the ocean. A lesson in minding your own business ... at 30,000 feet. The death toll in the Texas floods has risen to 27, including 9 kids. Report an error