LISBON, May 4 (Xinhua) -- Portuguese Prime Minister Pedro Passos Coelho announced Sunday that the debt-laden country sees an end to the bailout program with the international lenders, without applying for a precautionary credit line and restoring complete sovereignty over financing in the world market.
In a televised nationwide speech, Passos Coelho said in the Prime Minister's Office immediately after an extraordinary ministers meeting that the Portuguese government has made the decision after a careful weighing on the pros and cons and this is a right choice at an appropriate time to more effectively defend the interests of Portugal and the Portguese.
"It's the right choice," Passos Coelho said.
"It defends most efficiently Portugal's interests and those of the Portuguese. We were able to choose this option because the program is on the right track for its term and put Portugal on the way to financial stability and competitiveness," he said.
He added that this was the "right decision", but pointed out that there was a "long road ahead."
"We will not be autonomous from one day to the next," Passos Coelho added.
The Irish-style exit could be beneficial for the country as campaigns in the European elections approach.
However, Portugal's international lenders of troika, namely the European Central Bank, the International Monetary Fund and the European Commission, have warned that a precautionary line could be a more sensible option.
Portugal's economy showed early sign of recovery since the second half of last year after the country signed a 78-billion-euro (108 billion U.S. dollars) bailout program in May 2011 with the international lenders.
The Portuguese government has been implementing harsh austerity measures to meet the deficit target set by the troika which sparked frequent protests in the country in the past few years.