BRUSSELS (MNI) – The following is the full text of the Eurogroup
statement on Portugal, issued after a meeting of finance ministers in
Brussels today:
“The Eurogroup, the European Commission and the ECB welcome the
ambitious additional consolidation measures adopted by the Portuguese
government yesterday, which cover both 2010 and 2011.
“With these measures, decisive steps are being taken towards
meeting the budgetary targets of 7.3% of GDP for 2010 and 4.6% of GDP
for 2011.
“This budgetary path will contribute to the stabilisation of the
public debt level as planned and to subsequently bringing it back on a
downward path.
“We urge the Portuguese authorities to back the budgetary measures
by reforming the budgetary framework and by adopting further
comprehensive and ambitious structural reforms that would enhance
potential growth, focusing on removing rigidities in the labour market
and in wage formation and improving productivity. This would allow
Portugal to improve competitiveness.”
–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com
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