Portugal expected to exit bailout as planned

Portugal's secretary of state for European Affairs has said he is "very confident" the country will exit its bailout programme in May.

Bruno Macaes told cnbc.com how the government was very confident that Portugal could exit the bailout on May 17, even though exact conditions surrounding it have still not yet been put forward.

Portugal has posted a relatively strong economic recovery in recent months, even going so far as to claim it could even exit the bailout with a small "cash cushion" to help protect it against any future instability.

These positive results even led some to consider labelling Portugal as the poster child for austerity; showing just how much a country can be turned around in a relatively short space of time. Despite this, however, Macaes claimed the label didn't sit will with him, as the country still has work to do in order to reduce unemployment and reverse the suffering that many Portuguese had to endure.

The bailout came when Portugal sought help from the International Monetary Fund after admitting it couldn't keep up payments in the international bond markets.

Looking ahead, Macaes told yahoo.com: "It's important to wait for news about growth in 2014, which we'll get in a few months... and to see if our economic recovery is sustainable.

Posted on Wednesday, January 15, 2014

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