Sunday, May 4, 2014

Portugal's exit from support program highlights success of austerity program

Portugal is escaping from the claw-like grip of the IMF/ECB/EEC support program.  Its current account and primary budget are in surplus.

Deputy Prime Minister Paulo Portas commented that Portugal now regains the sovereignty that it had surrendered to creditors.  On the other, we may observe that had this sovereignty not been surrendered, the success would not have been achieved.

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