British Prime Minister David Cameron said Thursday his government is willing to provide additional funding in the amount of £29 billion to boost the fund of the International Monetary Fund as part of the effort to save the euro.

Chancellor of the Exchequer George Osborne said the move is also intended to insulate Britain's banking system from the eurozone debt crisis.

But it is expected that Cameron may face criticism for using taxpayers' money to help rescue the eurozone countries.

Meanwhile, Portugal asked for more lenient terms for its £67 billion bailout.

The Daily Mail said Prime Minister Pedro Passos Coelho expressed his wish to negotiate a more flexible deal to help Portugal's economy recover from recession.

Analysts said the move may cause apprehension among leaders in other European countries amid fears that Greece is on the verge of collapse and the crisis could spread to larger economies such as Italy and Spain.

Nevertheless, Coelho maintained that Lisbon has no intention of shirking its commitment to lower its debts and implement harsh reforms to set off growth.

Portugal is the third euro zone country to need a bailout from the European Union and the International Monetary Fund after Greece and Ireland.

With the economic and political crisis shaking Greece, European leaders will be desperate to prevent a repetition of the same scenario in Portugal.

British taxpayers need to come up with some £12.5 billion to support the three countries and save the single currency.

Portugal was forced to accept a £67 billion bailout six months ago as fears over its towering debts and ailing economy drove its interest rates to unaffordable levels. In exchange for the money, Portugal agreed to harsh austerity measures that now threaten to choke off the growth needed to climb out debt.