Through the Wire

Portugal Passes Bailout Test, Gets More Funding

October 3, 2013
| Economics
| Europe

LISBON, Portugal (AP) — Portuguese officials say the country has passed its latest bailout test and qualified for around 5.5 billion euros ($7.5 billion) in further funding from creditors.

Deputy Prime Minister Paulo Portas said Thursday that bailout inspectors concluded the government is complying with the demands of Portugal's financial rescue agreement.

Portugal needed a 78 billion-euro bailout in 2011 when it was engulfed by the eurozone debt crisis. In return, Portugal promised spending cuts and economic reforms, and quarterly disbursements are conditional on its compliance.

The country is stuck in recession, however, with the jobless rate at 16.5 percent.

Portugal is supposed to start borrowing on financial markets again in the middle of next year, but three major international ratings agencies still classify its credit worthiness at junk status.

Login or Create New Account
Email Address:
New to LIGNET? Create New Account
GET FREE Intelligence Reports

LIGNET provides you with actionable intelligence and in-depth analyses from seasoned insiders including senior CIA officials, presidential advisors, ambassadors, and more.

Sign Up for
FREE Intelligence Reports!
Join Now
Already have an account?
Click here to log in.

Join Now
Knowledge is Power
Only if You Access it!
Upgrade to a full access account and get the official CIA World Fact Book 2014 FREE!
Upgrade Now
FREE CIA World Factbook 2013
What is LIGNET?
Powered by Newsmax
LIGNET is registered in the U.S. Patent and Trademark Office. Langley Intelligence Group Network is registered in the U.S. Patent and Trademark Office.