Brussels, 17/09/2013 (Agence Europe) - Portugal is considering making a request for a “precautionary programme” to help it return unaided to the financial markets at the end of the current financial aid programme (in June 2014), said Portuguese Prime Minister Paulo Portas on Monday 16 September.
After meeting with representatives of the country's main trade unions and employers, the prime minister said that Portugal wanted to be able to finance itself autonomously and benefit from a precautionary programme to help it make the transition to the money markets.
The troika of lenders (European Commission, European Central Bank and International Monetary Fund) began a new assessment on Monday of reforms introduced in Portugal under the country's aid programme.
The precautionary programme would not be any type of second bailout, said Portas, but be a request to the European Stability Mechanism or European Central Bank for a contingent credit line to be made available in case it were needed.
Portas will also hold talks with the country's lenders about reducing the deficit reduction target to 4.5% of GDP in 2014 from the current 4%. The idea has not been greeted with enthusiasm by the Eurogroup. After the troika mission, the lenders will decide whether or not to release a new aid instalment of €5.5 billion. (SP/transl.fl)