| Author (Person) | Spiegel, Peter, Wise, Peter |
|---|---|
| Series Title | Financial Times |
| Series Details | 12.9.12 |
| Publication Date | 12/09/2012 |
| Content Type | News |
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International lenders agreed on the 11 September 2012 to relax the fiscal adjustments required under Portugal’s €78bn bailout programme, giving Lisbon an extra year to meet previously agreed deficit-reduction targets. Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon from 28 August 2012 - 11 September 2012 for the fifth quarterly review of Portugal’s economic programme. However, an unexpectedly strong backlash to Portugal’s increasingly tough austerity measures emerged also in September 2012 triggering an upsurge of public discontent and political skirmishing, threatening to undermine the fiscal progress Lisbon had made with its €78bn bailout programme. President Aníbal Cavaco Silva convened a meeting of the state council, his top advisory body, in an effort to ward off a political crisis, while hundreds of thousands of demonstrators took to the streets on 15 September 2012 in the country’s biggest anti-austerity protest to date. |
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| Countries / Regions | Portugal |
