IMF: Portugal bailout to end in May / Portugal celebrates successful return to bond market

The International Monetary Fund (IMF) completed in April 2014 the eleventh review of Portugal’s performance under an economic adjustment programmme.

The IMF said that Portugal should keep its reforms in order to prevent debt growth, as the country's bailout programme came to end in May 2014.

Its economic prospects had been improving throughout 2013-14, helped by sharp export improvements and a recovery of its domestic demand.

On the 23 April 2014, an auction of a long-term Portuguese bond issue was met with strong demand from investors, with its government saying its return to capital markets after a three-year pause had been successful.

Portugal was expected to announce in May 2014 its exit from the EU-IMF bailout without further loans to cushion the transition, with the government reaffirming on the 30 April 2014 its commitment to reduce the budget deficit.

• Primary Source

ESO: Background information: Statement by the EC, ECB and IMF on the Eleventh Review Mission to Portugal http://www.europeansources.info/record/statement-statement-by-the-ec-ecb-and-imf-on-the-eleventh-review-mission-to-portugal/

IMF: Portugal: Eleventh Review Under the Extended Arrangement, and Request for Extension of the Arrangement and Waivers of Applicability of End-March Performance Criteria [April 2014] http://www.imf.org/external/pubs/cat/longres.aspx?sk=41494.0

Deutsche Welle, 22.04.14: Troika inspectors return to Portugal for last bailout check http://dw.de/p/1BmCU

Deutsche Welle, 23.04.14: Portugal celebrates successful return to bond market http://dw.de/p/1BnDw

BBC News, 23.04.14: Portugal's return to bond market fuels recovery hopes http://www.bbc.co.uk/news/business-27128843

BBC News, 23.04.14: Portuguese bond yield falls to 3.58% http://www.bbc.co.uk/news/business-27132640

IMF: Portugal and the IMF http://www.imf.org/external/country/prt/index.htm

European Commission: DG Economic and Financial Affairs: EU Economic Situation: Economies of the EU Member States: Portugal http://ec.europa.eu/economy_finance/eu/countries/portugal_en.htm

European Commission: DG Economic and Financial Times: Financial assistance in EU Member States: Portugal http://ec.europa.eu/economy_finance/assistance_eu_ms/portugal/index_en.htm

Público, 24.04.14: Portuguese deserve credit for market return (via Euro|Topics) http://www.eurotopics.net/en/home/presseschau/archiv/results/archiv_article/ARTICLE142328-Portuguese-deserve-credit-for-market-return

Diário de Notícias, 23.04.14: Troika leaves Portugal facing uncertain future (via Euro|Topics) http://www.eurotopics.net/en/home/presseschau/archiv/results/archiv_article/ARTICLE142234-Troika-leaves-Portugal-facing-uncertain-future

Blog: Open Europe, 23.04.14: The ECB gives Portugal a helping hand with its return to the markets http://openeuropeblog.blogspot.co.uk/2014/04/the-ecb-gives-portugal-helping-hand.html

Portugal: Government: Ministry of Finance: Portugal: policies, achievements and challenges, January 2014 http://www.portugal.gov.pt/media/1305664/20140106%20mf%20policies%20achievements%20challenges.pdf

Portugal: Government: Ministry of Finance: Update on Portuguese Economy, March 2014 http://www.portugal.gov.pt/media/1379095/2014%2003%20Update%20on%20Portuguese%20Economy.pdf

EUObserver, 01.05.14: Portugal expected to exit bailout without further loans http://euobserver.com/economic/123977

Jornal de Negócios, 02.05.14: Portugal sugarcoating austerity measures (via Euro|Topics) http://www.eurotopics.net/en/home/presseschau/archiv/aehnliche/archiv_article/ARTICLE142765-Portugal-sugarcoating-austerity-measures

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