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Portugal under review for next tranche of bailout fund

English.news.cn   2013-12-05 11:26:16            

LISBON, Dec. 4 (Xinhua) -- International lenders arrived here Wednesday for a new review of Portugal's progress in implementing the bailout program agreed two years ago.

During their stay in Lisbon, the representatives of the troika -- comprising of the European Union, the International Monetary Fund and the European Central Bank -- are to meet with Portugal's leading political party leaders, lawmakers and trade union leaders on measures and plans for the implementation of the 78 billion euro (105 billion U.S. dollars) bailout program.

In their report following the last review, which ended in October, the troika expressed dissatisfaction with Portugal's progress in structural reforms, in particular the workers' wage cuts, according to Portugal's Lusa news agency.

Since the signing of the bailout agreement with the troika in May 2011, Portugal has been implementing a tough austerity policy which has been blamed for the deepening recession in the country over the past few years and sparked strong discontent among the public.

Portuguese parliament adopted the 2014 draft budget last week which included more austerity measures, such as the cutting of pensions and salaries of civil servants. The budget is awaiting the final verdict of the country's Constitutional Court.

There is wide hope for Portugal's exit from the bailout program when it expires next year, as the country's economy showed early signs of recovery in the second and third quarters this year.

Portugal's Deputy Prime Minister Paulo Portas dismissed suggestions that the country will need another bailout on Wednesday.

Portugal will get the next batch of aid worth 2.7 billion euros (3.7 billion dollars) if the troika is satisfied with the current review. Two more reviews will follow before the bailout program ends in June next year.

Related:

Portugal delays debt payment, expectations exceeded

LISBON, Dec. 3 (Xinhua) -- Portugal on Tuesday won a three-month delay in a debt payment which the bailed-out country was meant to amortize in 2014 and 2015.

The bond swap was intended to test investors' sentiment, and exceeded expectations after Portugal swapped 6.6 billion euros in bonds expiring next year and in 2015 for longer maturities.  Full story

 

 

Editor: Hou Qiang
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