News Summary: IMF says Portugal needs debt effort

News Summary: Bailed-out Portugal needs extra effort to cut debt amid recession, unemployment

Associated Press

IMF TAKE: Portugal's financial recovery program is entering a risky phase as it struggles to cut its heavy debt load amid a continuing recession, growing unemployment and mounting opposition to austerity measures.

GOOD NEWS: government's debt-reduction measures have helped allay market concerns about lending money to the ailing country, while it has made good on promises of reforms in return for last year's €78 billion ($100 billion) bailout.

BAD NEWS: "risks to the attainment of the program's objectives have increased markedly," the IMF said, adding that Portugal will need to take further steps to remain on track.

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