Portugal Finance Chief: Portugal Needs EU Aid

Portugal needs to resort to financial aid from the European Union, the finance mininstry said, confirming an earlier report by Jornal de Negocios business daily, citing Finance Minister Fernando Teixeira dos Santos.

"In this difficult situation, which could have been avoided, I understand that it is necessary to resort to the financing mechanisms available within the European framework," he told the paper.

"The finance ministry confirms the mininster's statement to Jornal de Negocios," a ministry spokeswoman said.

(Reporting by Sergio Goncalves)