EU president Hungary "ready to react" over Portugal

European Union mechanisms to deal with a formal request from Portugal for an international bailout are "firmly in place", the current EU presidency holder Hungary said in a statement Thursday, DPA reported

"The Hungarian Presidency ... stands ready to react immediately based on the announcement of (Portuguese) Prime Minister Jose Socrates last night," it said on the eve of a two-day meeting of EU finance ministers.

Socrates had announced that Portugal intends to seek a financial rescue to stave off national bankruptcy, but the country had not yet made a formal request to the EU.

The discussion of a seemingly imminent Portuguese bailout is set to dominate the two-day ministerial talks, scheduled to begin on Friday morning in the Hungarian town of Godollo.