| Series Title | EurActiv |
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| Series Details | 05.05.14 |
| Publication Date | 05/05/2014 |
| Content Type | News |
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Portugal's Prime Minister Pedro Passos Coelho said on the 4 May 2014 that the country would exit its three-year €78bn bailout on 17 May 2014 without needing a standby line of credit. This would make it the third eurozone country after Ireland and Spain to exit a bailout without a precautionary programme. The Portuguese government formally notified the decision to a meeting of Eurogroup finance ministers on the 5 May 2014. The Eurogroup issued a statement supporting the Portuguese government's decision to exit its macroeconomic adjustment programme without successor arrangement in the evening of the 5 May 2014. 'The Portuguese authorities have established a strong track record of policy implementation to address the country's long-standing structural problems. This bodes well as Portugal exits its EU/IMF-supported programme,' IMF chief Christine Lagarde said in a statement. In addition, the European Commission welcomed the move in a Statement from Vice President Kallas on the 17 May 2014. However, he warned that there was no room for complacency, as many challenges were still facing the country. However, on the 30 May 2014 Portugal’s Constitutional Court rejected three out of four articles in Portugal's 2014 budget it had been asked to rule on. The government would have to find alternative ways of making budget cuts to satisfy the Troika. |
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| Source Link | http://www.euractiv.com/sections/euro-finance/portugal-exits-bailout-17-may-301903 |
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| Countries / Regions | Portugal |
