British taxpayers help fund £20billion EU handout to struggling Portugal, Daily Express

Jose Manuel Barroso

FURY erupted today after the EU gifted cash-strapped Portugal a £20 billion handout to help boost its crumbling economy.

Most of the money will be spent on training and education in a bid to cut rampant unemployment and revive Portuguese economic fortunes by the end of the decade.

Critics warned it means British taxpayers' will be effectively forking out up to £2.7 billion over the next seven years to help prop up one of Europe's basket case nations.

Unemployment in Portugal is currently surging at 14.3 per cent, while one of its biggest banks is teetering on the brink following massive losses.

It was also suggested that the 'growth fund' was a parting gift from Portuguese European Commission President Jose Manuel Barroso before he leaves later this year.

Ukip MEP and the party's Economy spokesman Patrick O'Flynn blasted the deal, saying that it was "tipping money down the drain".

He added: "There is only one way for Portugal's economy to recover and generate new jobs and investment and that will be to leave the Euro and restore its own national currency.

"This must amount to the most expensive sticking plaster in history and British voters will be outraged."

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