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Buoyed by Exports, Portugal Chooses Clean Exit From Bailout
Keywords:
Prime minister Passos Coelho of Portugal makes the decision not to ask for a precautionary credit line from lenders, as Portugal exits the EU bailout program in April 2014. Portugal received bailout funds of $78 billion euros from the EU, IMF and the ECB in 2011. Portugal's economy is expected to see growth of 1% in the next 2 years. Unemployment declined from 17.7% in the beginning of 2013 to 15.2% in 1st quarter of 2014. Portugal returned to bond markets in April 2014 with 750 million euros of 10 year government bonds at 3.575%. Still Portugal will take a long time to fully recover and the EU will continue to monitor its financial position. The last loan to the IMF is scheduled for repayment in 2024 and to the EU in 2042. Exports and a return to bond markets are the two bright areas, but the government debt continued to climb from 94% in 2010 to 129% in 2014. A 15% unemployment rate and mere 1% growth through 2015 suggests a slow recovery similiar to Spain.
Portugal- economy in 2010-2015
10/23/2010
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The loan deal Portugal negotiated with the EU and the IMF in May 2011.
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The terms of the loan deal and the problems negotiators faced in coming up with a deal that will give Portugal the breathing space to it needs. The economy is expected to contract 2% in 2011, and 2% in 2012. As a result the defict as a percentage of GDP target of 3% was set for the third year in the three year program, instead of earlier as originally planned. The IMF loan interest rate was set at 3.25% for the first 2 years. Portugal's weakness in competitiveness and in its educational system means Portugal badly needs this breathing space.
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Portugalâs President Calls for Early Elections
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Portugal Unveils Toughest Austerity Budget Yet
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Economic Report Supports Socialistsâ Policy in Portugal
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Portugal's exports 2012-2014
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New York Times 09/25/2011
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Buoyed by Exports, Portugal Chooses Clean Exit From Bailout
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Portugal- government debt, ratings and borrowing costs
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Grouped Articles
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Return of Long-Term Bond Buyers Seen as Crucial to Europe
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Portugal Returns to Bond Market
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Portugal's Government Thrust Into Turmoil
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Portugal's exit from the EU bailout and gradual recovery in 2014
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Portugal Set for Clean Exit from Bailout Program
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Buoyed by Exports, Portugal Chooses Clean Exit From Bailout
New York Times 05/04/2014
Bailout Is Over for Portugal, but Side Effects Will Linger
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Pedro Passos Coelho, Who Led Austerity Plan in Portugal, Nears Re-Election
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Portugal's shoe industry exports, a bright spot in the trade balance
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Grouped Articles
Portugal's Shoemakers Bet on Quality
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Buoyed by Exports, Portugal Chooses Clean Exit From Bailout
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Portugal on Road to Recovery Post-Bailout, But Scars Remain
Wall Street Journal 07/20/2015
Portugal Dared to Cast Aside Austerity. It’s Having a Major Revival.
New York Times 07/22/2018
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