Portugal condemns ‘inconsistent’ S&P downgrade

Portugal condemned Standard & Poor’s decision on the 13 January 2012 to downgrade its credit rating to junk status as 'ill-founded' and 'seriously inconsistent', saying the country had significantly outperformed fiscal targets agreed as part of a €78bn financial rescue in 2011.

ESO: Background information: European Commission report concludes progress on fiscal, economic and structural reforms in Portugal http://www.europeansources.info/record/memo-european-commission-report-concludes-progress-on-fiscal-economic-and-structural-reforms-in-portugal/

ESO: Background information: Fears of ‘cosmetic’ reform as Portugal austerity bites http://www.europeansources.info/record/fears-of-cosmetic-reform-as-portugal-austerity-bites/

ESO: Background information: Political failure casts a cloud on Europe http://www.europeansources.info/record/political-failure-casts-a-cloud-on-europe/

---