LISBON (MNI) – German Chancellor Angela Merkel and Portuguese Prime
Minister Pedro Passos Coelho on Monday praised the reform efforts
undertaken by Portugal so far.
At a joint press conference of the two leaders here, Merkel said
the “conditions for growth [in Portugal] have improved markedly.”
Passos Coelho said there was no alternative to continuing on the
path of reform and budget consolidation. “It is the only way,” he
insisted. “A growth strategy won’t be successful if we don’t reduce the
deficit.”
The prime minister said he was convinced that Portugal would
achieve the goals agreed under the EU-IMF rescue program.
Merkel again vowed that her government would aim to stimulate
domestic demand, thereby giving its Eurozone partners the chance to
export more to her country.
The German economy will be affected by a recession in the Eurozone
and Germany has, thus, a strong interest “that all countries are doing
well,” she said.
Merkel also praised the agreement for joint banking supervision in
the EU, which will allow the permanent European bailout fund ESM to
recapitalise banks directly. “This is an important step,” she said.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@mni-news.com
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