Osborne: 'Portugal's bail-out comes at huge costs to its population'

Portugal's bail-out request is expected to be discussed when EU finance ministers meet later in Budapest.

European Central Bank head Jean-Claude Trichet is also likely to mention Portugal at his news conference after the latest eurozone rate decision.

The ECB is expected to raise interest rates, which could create problems for debt-ridden countries.

The Chancellor George Osborne said at the British Chambers of Commerce annual conference that Portugal, as well as Greece and Ireland, is being "bailed out at huge costs to [its] population".

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