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12 Jun 2014
Portugal turns down last tranche of aid
FXStreet (Barcelona) - Portuguese Finance Minister Maria Luis Albuquerque announced on Thursday after a cabinet meeting that Portugal renounced the last tranche of its aid program, as it doesn't want to reopen the bailout, officially closed on May 17.
She also said that the government plans to reduce public sector salary cuts by 20% and reverse the 2011 cuts in 2019.
Following the news German Finance Minister Wolfgang Schaeuble said that the markets had faith in Portugal and that he was convinced the country would continue implementing the necessary reforms.
“It’s actually nice to see that some countries have looked to have worked hard to dig themselves out of the hole but there’s still plenty left to be done as they now need economic growth to help pull them the rest of the way,” Ryan Littlestone comments on Forex Live.
She also said that the government plans to reduce public sector salary cuts by 20% and reverse the 2011 cuts in 2019.
Following the news German Finance Minister Wolfgang Schaeuble said that the markets had faith in Portugal and that he was convinced the country would continue implementing the necessary reforms.
“It’s actually nice to see that some countries have looked to have worked hard to dig themselves out of the hole but there’s still plenty left to be done as they now need economic growth to help pull them the rest of the way,” Ryan Littlestone comments on Forex Live.