Economy

xchrom

(108,903 posts)

24. BAILOUT ENDS BUT AUSTERITY STAYS FOR PORTUGAL

Fri May 16, 2014, 08:04 AM

May 2014

http://hosted.ap.org/dynamic/stories/E/EU_PORTUGAL_END_OF_A_BAILOUT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-16-07-41-25

LISBON, Portugal (AP) -- A thousand days on from its near-economic collapse, Portugal is ready to stand on its own again and is promising not to go back to its bad old spend-happy ways.

On Saturday, after an internationally-mandated makeover, Portugal will become the second country that uses the euro as its currency, after Ireland, to officially shake off its bailout shackles.

Three years ago as the debt crisis fires were engulfing Europe and threatening to derail the whole euro currency project, Portugal's government was down to its last 300 million euros ($413 million) and facing the imminent prospect of bankruptcy.

To avoid that ignominy, sclerotic Portugal - like overspending Greece and overleveraged Ireland before it - asked and got an emergency financial rescue package from its European partners and the International Monetary Fund.

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