Portugal out of recession, president announces

Portugal's president, Cavaco Silva, welcomed in the New Year by declaring that the country is now out of recession, theportugalnews.com reports.

In his New Year address to the nation, Silva declared that the recession in Portugal was now over and that, as a result, he had decided against sending the 2014 Budget to the Constitutional Court.

Looking ahead Silva remained pragmatic; again reiterating his calls for parties from all across the political spectrum to work together in a bid to move on and negotiate Portugal out of the 78 billion-euro bailout programme which is scheduled for summer 2014.

"We must seriously get ready for the post-troika (bailout) period," he told shanghaidaily.com, adding that a new financial programme would be put in place so Portugal can avoid stumbling back into a second bailout.

Despite his positivity, opposition parties were less reluctant to follow suit, instead claiming that Silva was simply following government rhetoric that had been peddled for months. These critics went on to claim that whilst the president had decided against running the upcoming Budget past the Constitutional Court, they would be subjecting it to a large number of independent audits.

Regardless of the political posturing, numerous reports appear to have confirmed Portugal's emergence from recession, with the knock-on effects of this expected to reach the housing and tourism market over the course of 2014.

Posted on Thursday, January 2, 2014

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