LISBON, Portugal

FOREIGN officials began inspecting Portugal’s public finances yesterday to figure out the size of the country’s promised bailout.

European finance ministers agreed last week to provide money to debt-heavy Portugal, making it the third country in the 17-nation eurozone to accept a financial lifeline after Greece and Ireland.

Officials estimate Portugal will need around euro80 billion (US$116 billion).

A delegation from the International Monetary Fund, European Central Bank (ECB) and European Commission started examining Portugal’s books at the finance ministry. One delegate, who declined to give his name but said he was from the ECB, told reporters the team would engage in “technical discussions, fact-finding”.

The ministry did not answer requests for details about the talks, saying they were not open to the media.

Portugal urgently needs a deal on the bailout to shore up its national finances ahead of steep loan repayments. It has to find euro4.5 billion for a bond repayment on Friday — which officals have said the country can meet — but then it needs another euro7 billion (US$10 billion) to repay more debts in June.

Failure to settle those debts would have catastrophic consequences for Portugal, scaring away investors, and would likely trigger fresh market unease about the eurozone’s soundness.

Officials hope to approve the financial aid programme by mid-May.

After evaluating this week how much money Portugal needs, officials are due to begin negotiations next Monday about the scope and terms of the massive loan.