Portugal: one more EPP government makes clean exit from EC/ECB/IMF programme

The President of the European People's Party (EPP) and President of the EPP Group in the European Parliament, Joseph Daul, has warmly welcomed the landmark announcement of Prime Minister Pedro Passos Coelho that Portugal will make a clean exit from the €78 billion EC/ECB/IMF programme negotiated in May 2011, following the disastrous economic policies of the previous Socialist government:

"This is a crucial turning point for a country that bravely endured very hard but necessary measures. Portugal experienced great suffering in its path back to financial stability and the Portuguese people will never forget the price they had pay for the irresponsibility and short sightedness of the Socialists. Severe fiscal indiscipline and the uncontrolled accumulation of debt by the socialist government pushed Portugal to the brink of bankruptcy.

Thankfully, PM Pedro Passos Coelho and his coalition government of the two EPP parties - PSD and CDS-PP - applied the necessary reforms to promote growth and jobs. They also applied fiscal measures to reduce the public debt and the deficit and also measures to ensure the stability of the country's financial sector.

As a result of the above-mentioned reforms, Portugal has managed to stand on its own two feet again and to make a clean exit today from the EC/ECB/IMF bailout programme. As with Ireland and PM Enda Kenny, Portuguese PM Pedro Passos Coelho is another shining EPP example of responsible governance that delivers concrete results.