Portugal: 2012 Article IV Consultation and Sixth Review Under the Extended Arrangement and Request for Waivers of Applicability of End-December Performance Criteria—Staff Reports;
January 18, 2013
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Mounting funding pressures has tipped Portugal into an acute economic crisis in 2011. The roots of the crisis could be traced to Portugal’s failure to adapt to the rigors of monetary union. With economic institutions, policies, and incentives ill-adapted to the opportunities, Portugal’s external stability risks also rose gradually. However, the current account has improved substantially with financial imbalances being corrected across private and public sectors. Fiscal adjustment also made substantial progress, while structural reforms have been progressing.
Subject: Banking, Credit, External debt, Fiscal consolidation, Fiscal policy, Labor, Labor costs, Money, Public debt
Keywords: CR, Credit, credit market segmentation, EFF arrangement, Europe, expenditure review, Fiscal consolidation, further advance fiscal consolidation, Global, growth potential, ISCR, Labor costs, Portugal's IMF quota, progress, reform effort
Pages:
130
Volume:
2013
DOI:
Issue:
018
Series:
Country Report No. 2013/018
Stock No:
1PRTEA2013002
ISBN:
9781475545319
ISSN:
1934-7685
