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
June 13, 2013
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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.
Subject: Asset and liability management, Banking, Credit, Debt restructuring, Financial institutions, Fiscal stance, Loans, Money, Public debt, Securities
Keywords: core solvency ratio, CR, Credit, Debt restructuring, EFF arrangement, executive board discussion, Global, IMF quota, implementation, ISCR, Loans, recapitalization process, reform, restructuring plan, SDR, Securities
Pages:
98
Volume:
2013
DOI:
Issue:
160
Series:
Country Report No. 2013/160
Stock No:
1PRTEA2013004
ISBN:
9781484369975
ISSN:
1934-7685
