That’s right folks, Portugal turned down the last tranche of their bail out package according to finance minister Maria Luis Albuquerque. The aid program was officially declared over on May 17th and she says she doesn’t want to reopen it.

In a statement she also said that the government is looking to reduce salary cuts 20% next year. The cuts brought in in 2011 will be reversed in 2019.

It’s actually nice to see that some countries have looked to have worked hard to dig themselves out of the hole but there’s still plenty left to be done as they now need economic growth to help pull them the rest of the way.