Portugal: Second Review Under the Extended Arrangement

International Monetary Fund

No 2011/363, IMF Staff Country Reports from International Monetary Fund

Abstract: Portugal’s economic adjustment has continued, but the contraction in output has been milder than expected. The 2012 outlook for Europe has deteriorated substantially, with growth revised down by 1¼ percentage points relative to spring forecasts. Substantially higher capital requirements across Europe, coupled with cuts in exposure to the periphery, are placing further pressure on banks and the flow of credit. The authorities have made significant progress in revenue administration reform and public administration restructuring.

Keywords: ISCR; CR; support; fast-track Emergency Financing Mechanism procedure; Portugal's IMF quota; reform agenda; government; executive board's discussion; private sector; current account; Credit; Europe; Global (search for similar items in EconPapers)
Pages: 129
Date: 2011-12-20
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Citations: View citations in EconPapers (5)

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