Portugal Passes Troika Review

Portugal has moved a step closer to exiting its bailout programme after the international lenders that saved the country from bankruptcy approved a review of the economy six months early.

The European Union and International Monetary Fund have been monitoring the country’s economic reforms, a condition of the 2011 78bn-euro (£66bn) bailout.

Portugal hopes to leave the bailout agreement in the middle of next year.

At the weekend Ireland became the first eurozone country to exit its bailout.

The troika – the EU, IMF and European Central Bank – have carried out ten reviews of the economy to ensure that budget cuts and economic restructuring are implemented.

“The lenders agreed that our targets were met and our objectives are within reach,” said the country’s finance minister Maria Luis Albuquerque. “It was a very smooth evaluation… that envisages the end of the bailout programme on the agreed date” in mid-2014, she said.

via BBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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