By Jack Duffy
WASHINGTON (MNI) – Portuguese Finance Minister Vitor Gaspar said
Saturday that the government expects to fully comply with the term’s of
the country’s E78 billion bailout and that Portugal should regain access
to international markets by the end of 2013.
“It is very clear that one of the characteristics of this
government is full a commitment to fulfilling this adjustment program,”
Gaspar said on a panel on the margins of the IMF/World Bank meeting
here. “Portugal should be in a position to regain market access by the
end of 2013,” he said.
Gaspar added, however, “that 2012 is going to be a crucial year”
for the adjustment program.
Portugal recently announced further austerity measures for 2012,
putting addition pressure on an economy that is already contracting.
Portugal plans to virtually eliminate its budget deficit, which was
9.1% of GDP in 2010, by 2015. Under terms of the bailout, Portugal must
cut its deficit to 5.9% this year, 4.5% next year and 3% in 2013.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$$EC$,M$C$$$,M$U$$$,MN$FX$,MT$$$$,MI$$$$,M$J$$$,M$X$$$,M$A$$$,M$Q$$$]
