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Wednesday, May 18, 2011
The Council adopted a decision towards financial assistance to Portugal
The Council decided, on May 17th, to grant to Portugal a loan of 26 million euro as part of a package of 78 million euro. The decision was adopted following negotiations on the financial support package and having reached agreement with the Portuguese authorities on a programme that Portugal would implement by mid-2014.
It was decided to distribute the € 78 billion of loans equally between the European Financial Stability Mechanism (EFSM), the European Financial Stability Facility (EFSF) and the International Monetary Fund (IMF).
The economic and financial adjustment programme to be implemented by Portugal will address the challenges of the Portuguese economy. It involves structural reforms to boost growth, create jobs and improve competitiveness. It also contains a strategy to consolidate the public finances: Portugal is expected to reduce its deficit below 3 % of GDP by 2013.
In addition, it should reinforce its banking sector to ensure that it is stable and capable of providing credit. The programme should contribute to safeguarding the financial stability of the euro area.
Source Press Room - Council of the European Union
More information Press Room - Council of the European Union
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