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Portugal Passes Bailout Exam

Published on 30th August, 2011

Portugal's bailout Troika has provided Lisbon with an extremely good grade on how the how the government implemented the 3 month old financial rescue programme.

This approval from the European Commission, the European Central Bank and the IMF, which footed the bill for the €78 billion dollars, made it possible for Lisbon to get another €3.7 billion dollar loan by September. This amount will increase the overall amount that has been obtained since May to €23.7 billion dollars. This is about one third of the overall amount Portugal will get 2011 thru 2013.

According to Poul Thomsen for the IMF, Portugal will have the ability to go back to the markets at the end of the programme. This statement was made during a joint news conference which was held in Lisbon and underlined Troika's approval of the shortage cropping measures that have been acknowledged at this point.

In addition, Thomsen does not think that a new loan programme will be required. He feels that if additional time is required, the IMF will be available.

He indicated that the markets and Portugal's European partners were certain that Lisbon would be able to be responsible for its shortage decrease of 5.9% during the year, although it has been confirmed that there is a 1.1% budget slide.

The European Commission's Jurgen Kroger stated that the new centre-right government responded fast to control the amount of money spent and applauded Lisbon's choice to enforce a fifty percent tax surcharge on each Christmas bonus.

Poul Thomsen of the IMF stated that the troika's management team recommended that Lisbon put into force a six percent decrease of social security business contributions in order to help increase its economic competitiveness.

The government stated that it is looking into this action, which would be reimbursed by a 2% increase in VAT. TPN/Lusa

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Published in: News and Updates