Portugal: 2012 Article IV Consultation and Sixth Review Under the Extended Arrangement and Request for Waivers of Applicability of End-December Performance Criteria—Staff Reports

International Monetary Fund

No 2013/018, IMF Staff Country Reports from International Monetary Fund

Abstract: Mounting funding pressures has tipped Portugal into an acute economic crisis in 2011. The roots of the crisis could be traced to Portugal’s failure to adapt to the rigors of monetary union. With economic institutions, policies, and incentives ill-adapted to the opportunities, Portugal’s external stability risks also rose gradually. However, the current account has improved substantially with financial imbalances being corrected across private and public sectors. Fiscal adjustment also made substantial progress, while structural reforms have been progressing.

Keywords: ISCR; CR; credit market segmentation; expenditure review; EFF arrangement; further advance fiscal consolidation; progress; Portugal's IMF quota; reform effort; growth potential; Credit; Fiscal consolidation; Labor costs; Global; Europe (search for similar items in EconPapers)
Pages: 130
Date: 2013-01-18
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