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Tue, 06 May, 2014 03:14:28 AM
Portugal to exit from bailout program in mid-May: Barroso
FTimes-Xinhua Report, May 6

The Prime Minister, Jyrki Katainen on Monday said that the decision by the Portuguese government to exit the three-year EU-IMF adjustment programme without requesting any further external financial assistance proves that the economic policy pursued in Europe is yielding sustainable results.
 
“The Portuguese government and the people of Portugal have taken great pains to bring the nation's economy back on a sustainable, competitive track. I would like to congratulate my colleague, Prime Minister Pedro Passos Coelho sincerely for his government's determined efforts in implementing sometimes painful reforms,” Katainen said in an official press release.
 
“Our joint effort must continue and work remains to be done in Portugal and elsewhere in the EU including Finland. All EU Member States must contribute to enhancing competitiveness and creating new jobs in Europe,” the Prime Minister said, adding that Portugal's exit from the adjustment programme is a positive testament to our common economic policy, and a welcome signal for all of Europe.
 
Portugal followed the example of Ireland, the first country to exit from the EU-IMF financial assistance programme in December 2013, and Spain, that made its exit in January this year.
 
News Agency Xinhua Adds:  European Commission (EC) President Jose Manuel Barroso after meeting with Eurozone leaders on Monday said Portugal is to exit from international bailout program in mid-May.
 
"On the 17th of May, Portugal will exit the economic and financial adjustment programme put in place in 2011 with the support of the European Union and the International Monetary Fund," said Barroso in a statement published on the EC website.
 
The EC president's announcement echoed the decision made by the Portuguese government and confirmed by its Prime Minister Pedro Passos Coelho.
 
On Sunday, in a televised speech, Passos said his debt-laden country would have a clean exit from the three-year 78-billion-euro bailout program with the international lenders this month without applying for a precautionary credit line and restoring complete sovereignty over financing in the world market.
 
The clean exit from the bailout "possible thanks to Portugal's rigorous implementation of the programme over the last three years, which has yielded impressive results," Barroso said, stressing that "most of the serious economic imbalances that led to the crisis have been, or are being, corrected."
 
"The foundations for sustainable growth have been laid. Portugal will now walk on its own feet," the EC head added.
 
"This is not only a success for Portugal but a success for Europe," Barroso noted, citing that Europe has provided two-thirds of the total financial assistance granted to Portugal in 2011.
 
The statement was released in Brussels after the regular meeting of the Eurozone leaders including European Council President Herman Van Rompuy, ECB President Mario Draghi and Eurogroup President Jeroen Dijsselbloem, along with representatives of other Euro related institutions.

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