The Portuguese Prime Minister Pedro Passos Coelho, denied that his country needs a new financial rescue package to tackle the crisis and said that Portugal will issue debt securities in September 2013, at the time expected, reported a weekly Brazil.
“I think there is no need (for a new rescue package), but either way the IMF (International Monetary Fund) and the European Union (EU) is committed to a new aid money in the future if there be any difficulty,” Passos Coelho said in an interview with the Brazilian magazine Veja.
For the Prime Minister guarantee that the IMF and EU, which is subject to “the measures of financial and macroeconomic stabilization to be successful and that the structural reform agenda of the Portuguese economy are met,” will help the country issue debt with low interest rates in 2013.
In 2011, Portugal received a grant of 78,000 million euros ($ 102,040 million), a third of what Greece was also to address the crisis.
Passos Coelho reaffirmed the intention to continue with the privatization of some state enterprises, mainly in the energy sector and transport.
“The goal is to remove the state of the economy, end the state employer, business owner, because we intend to attract new capital to Portugal, hosting companies that may be relevant to ‘internationalize’ our economy and return our most competitive companies,” said.
According Passos Coelho, the Portuguese feel that the state “was not a good manager of these companies and the cost of them is very high, citizens also know we need to attract foreign money to move our economy.”
Category: Mutual Funds