Portugal : Seventh Review Under the Extended Arrangement and Request for Modification of End-June Performance Criteria—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Portugal

Publication Date: June 13, 2013
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Summary: Portugal's program implementation is on track despite difficult economic conditions and significant legal challenges. The markedly weaker economic outlook provides a strong case for recalibrating the program’s fiscal targets. This strong adjustment effort needs to be consolidated by sustained fiscal structural reforms. Continued vigilance is warranted to secure financial stability. A more competitive economy for sustainable recovery requires addressing nominal rigidities forcefully. Program success also hinges on continued external support and effective crisis management policies at the euro area level.
Series: Country Report No. 13/160
Subject(s): Extended arrangement reviews | Fiscal policy | Fiscal consolidation | Public debt | Unemployment | Fiscal reforms | Privatization | Debt sustainability analysis | Banking sector | Economic indicators | Performance criteria modifications | Staff Reports | Press releases | Portugal

Publication Date: June 13, 2013
ISBN/ISSN: 9781484369975/1934-7685 Format: Paper
Stock No: 1PRTEA2013004 Pages: 98
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