News Column

Portugal To Forgo Final Bailout Tranche

June 12, 2014

Madrid (Alliance News) - Portugal will forgo the final EUR2.6 billion tranche of its international bailout, Finance Minister Maria Luis Albuquerque said Thursday.

The decision would prevent the programme - which Portugal exited last month - from being prolonged, she said.

A trio of international lenders - the EU, European Central Bank and International Monetary Fund - had been keeping the final payment on reserve as Portugal tried to assess how it would cover its budget after a recent court decision ruled out of order some planned cost-saving measures.

No details on filling the budgetary gaps have been released yet.

Portugal was granted a bailout worth EUR78 billion by the EU and IMF in 2011 as it reeled from the effects of the eurozone financial crisis.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Alliance News

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters