Jose Socrates, acting as Portugal's caretaker Prime Minister, yesterday asked for the long-expected Bail-Out from the EU. 

The Portuguese government has long resisted asking for financial help from the EU (European Union) and the IMF (International Monetary Fund), but last week admitted that it had missed its 2010 budget deficit target.

Socrates said the country was "I always said asking for foreign aid would be the final way to go but we have reached the moment. Above all, it's in the national interest."

Portugal follows Greece and the Irish Republic in asking for an EU bail-out.

European Commission President Jose Manuel Barroso said in a statement that Portugal's request would be processed "in the swiftest possible manner, according to the rules applicable", he also reaffirmed his "confidence in Portugal's capacity to overcome the present difficulties, with the solidarity of its partners".

Jose Socrate resigned a week ago from his post of Prime Minister, when plans for austerity measures were voted against in parliament. He is currently acting in a 'caretaker' role until General Elections can take place.