ECB: Statement by the European Commission, ECB and IMF on the first review mission to Portugal, 12 August 2011

ECB: Statement by the European Commission, ECB and IMF on the first review mission to Portugal, 
12 August 2011

(...) Staff teams from the European Commission, European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon from 1 to 12 August for the first regular quarterly review of the Portuguese government’s economic programme. The objectives of the programme are to restore competitiveness and to put Portugal’s economy on a path of sustainable growth, sound public finances and job creation. In our assessment the programme is on track. We welcome the new government’s commitment to the ambitious and comprehensive programme agreed in May 2011 and take note of its determination to accelerate implementation in key areas. In this regard, prospects for success have been enhanced by the decisions of European leaders at the summit on 21 July to lower interest rates to near the European Financial Stability Fund's funding rate, significantly extend maturities, and – most importantly – stand ready to provide financing until market access has normalised, provided Portugal perseveres with the adjustment effort. A successful completion of the programme now more than ever hinges on the effort and resolve of the Portuguese government and people. (...)