Portugal faces slow journey out of recession

A positive, if not quite glowing report from international lenders on the 28 February 2012 confirmed Portugal’s status as the quiet, diligent pupil among the eurozone’s bailed-out states. But doubts remained over the country’s ability to pull itself out of a deep recession and regain access to debt markets in less than two years.

In a joint statement, the European Commission, International Monetary Fund and European Central Bank said Lisbon was on track to meet the terms of its €78bn rescue agreement after making a 'large fiscal correction' in 2011.

European Commission: DG Economic and Financial Affairs: EU Economic Situation: Economies of the EU Member States: Portugal http://ec.europa.eu/economy_finance/eu/countries/portugal_en.htm

IMF: Portugal and the IMF http://www.imf.org/external/country/prt/index.htm

IMF: Press Release, No.59, 2012 (28.2.12): Statement by the EC, ECB, and IMF on the Third Review Mission to Portuga http://www.imf.org/external/np/sec/pr/2012/pr1259.htm

ESO: Background information: Portugal’s recession deepens / Portugal on track to meet bail-out conditions http://www.europeansources.info/record/portugals-recession-deepens-portugal-on-track-to-meet-bail-out-conditions/

ESO: Background information: Portugal battles to avoid Greek contagion http://www.europeansources.info/record/portugal-battles-to-avoid-greek-contagion/

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