Portugal gets IMF approval for 1.48 billion

The IMF has reviewed Portugal’s efforts to control its deficit and has authorized the next tranche of the 78 billion bailout to be paid.

“There remain significant headwinds to growth from the high degree of private and public sector indebtedness as well as the adverse external environment. Comprehensive policy action on the European level would contribute significantly to the chances of success of the programme.”

Portugal is seen as an example for other troubled countries to follow as it has managed to reduce its deficit from 9% to almost 2.5% of its GDP.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza