Crisis: Portugal exits bailout without standby line of credit

Bailout plan ends on May 17, says Premier Passos Coelho

05 May, 13:14

    Portugal's Prime Minister, Pedro Passos Coelho addresses the nation, at Sao Bento palace in Lisbon regarding the end of the Troika bailout program Portugal's Prime Minister, Pedro Passos Coelho addresses the nation, at Sao Bento palace in Lisbon regarding the end of the Troika bailout program

    (ANSAmed) - LISBON - Portugal will exit its three-year bailout plan, which expires on May 17, without asking European partners for a standby line of credit, Portuguese Premier Pedro Passos Coelho has said.

    ''The government has decided to exit the assistance programme without seeking any kind of precautionary programme'', the prime minister said in a televised speech. The decision, he added, was ''the best for the interests of Portugal'', he added.

    May 17, when the 78-billion-euro bailout agreed with the troika (ECB, EU, IMF) about three years ago ends, ''will be a day to homage all Portuguese'' nationals for their sacrifices, and will be an occasion for the country to re-conquer its autonomy after regaining its credibility, added the conservative premier.

    Passos-Coelho cited as priorities in this new phase ''employment and economic recovery''.

    Citing investor confidence in the country's economy and yields on national debt at an historic low, the premier said Portugal's return to capital markets had been a ''success''.

    Two days ago, the troika (ECB, EU and IMF) gave a positive evaluation of the country's efforts to recover the economy from its downturn, though it called on the government to continue its reforms plan.(ANSAmed).

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